Ethereum price retreat for a second consecutive day testing the lower band of the recent trading range. The number two cryptocurrency by capitalization failed several times to break above the 450 mark, and that gave the sellers the courage to step in and push the price 30 dollars lower. The correction, for now, doesn’t threat the bullish momentum as the price holds above the rising trend line that started back in March.
Ethereum capitalization is now at 25.75 billion, while the trading volume is at 7,3 billion below the daily average. Bitcoin is also trading lower giving up 0.55% at $9,402 while Ripple is 1.39% lower at $0.1902, Litecoin is 0.75% lower at $43.69.
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Ethereum Technical Analysis
Ethereum price is 0.84% lower at $231.66, testing the 230 mark that provides support during June. The technical picture for Ethereum is bullish as long as the price trade above the rising trend line that started back in March. The RSI is hovering around 50 and pointing to lower levels.
Looking to the downside, immediate support for Ethereum stands at 230.53 the daily low. The next level for ETH traders to watch in case of further selling pressure is at 225.16 the low from June 11 trading session. Sellers will take control if the price breaks below the 50-day moving average at $218.95.
On the contrary, first resistance stands at $234.48 the daily high. The next hurdle for ETHUSD will be met at $237.67 the high from June 14. In case of a move higher, the bulls will be looking for an extension above 251.01 the high from June 11.
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