Ethereum price is under selling pressure after an attempt earlier today, to break above the $250 mark, failed for the third consecutive trading session. Now Ethereum approaches the daily low as selling pressure accelerates while the risk-off sentiment prevails across all asset classes.
Cryptocurrencies market is also pressured today mirroring the sharp sell-off in equity markets after the comments from Fed Chairman yesterday and the dismal projections about the recovery of the economy. Concerns of the second round of coronavirus infections weigh on risky assets.
Ethereum capitalization has now dropped at 26.90 billion and the volume the last 24 hours have reached 11.02 billion.
Bitcoin is also trading lower, giving up 2.72% at $9,645 while Ripple (XRPUSD) is 2.90% lower at $0.1970, Litecoin is 2.78% lower at $45.41.
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Ethereum Price Support and Resistance
Ethereum price is 2.58% lower at $241.69 close to daily lows as the price stalled at the 250 mark during June. The technical outlook is bullish for the number two cryptocurrency, but a correction down to 230 can’t be ruled out. Only if Ethereum breaks below the 50-day moving average might cancel the positive momentum.
On the downside, immediate support for Ethereum stands at 239.00 the daily low. The next level for ETHUSD to watch in case of further selling pressure is at 233.57 the low from July 7 trading session. Bears will take control if the price breaks below the 50-day moving average at $213.90.
On the flip side, initial resistance stands at $251.01 the daily top. The next hurdle for Ethereum will be met at $250 – 251 zone which proved a strong resistance the last weeks. In case of a break higher, the ETH bulls will be looking for an extension above 264.13 the high from February 25.
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