Ethereum (ETH) Price Analysis – June 26
The Ethereum market has experienced price growth of about 7% during the past 24-hours, adding up the price to the current high at $360 due to the recent positive move. However, the market scenario has been moving opposite against the Bitcoin market with a bearish dominance.
Resistance levels: $360, $380
Support levels: $320, $300
The Ethereum market saw a sharp drop after establishing a new high at $360 during the past few hours as it currently trades around $337. This is an insane 33% gain within seven days of trading. Despite the current Bitcoin market dominance, the token has managed to add some value behind the leading coin.
The ETH market may resume bullish towards the $360 and $380 resistance areas, the next buying target for the market. In case the market continues to drop, we can expect the price to retest the $320 and $300 support levels. Observing the 4-hours RSI and Stochastic RSI, we can see that Ethereum is still in the overbought condition as it prepares for a short move.
The Ethereum market has been following a downward rally against the Bitcoin over the past weeks as the sellers continue to drive the market lower. At the moment, ETH bulls are moving closer to the 0.028BTC resistance. Possibly, buying pressure is likely to meet 0.03BTC resistance if Bitcoin turned bearish.
Meanwhile, the bearish scenario was due to the BTC price influx over the past weeks. A close look at the current 4-hours RSI indicates that Ethereum is oversold at the moment, ready for a bullish crossover. If the bears resume pressure, the market may find near-by support at the 0.025BTC level and below.
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