Ethereum Looking for a Break Above 254

ETH has lost the strong momentum that started earlier April and consolidates around 250 zone.  The second largest cryptocurrency by capitalization managed to recover from the low at 225 on June 9th and breached the 50 and 100 hour moving averages giving the bulls the upper hand at least for the short term. Immediate resistance for the Ethereum stands at 254 the 20 day moving average while more selling pressure will be met at 270 the high from early June and a break above can lead the price to 288 the yearly high.  On the downside first support stands at 241 the 50 hour moving average, followed by the recent low at 225, while a convincing break below can lead the price down to 216 the 50 day moving average.

Ethereum market capitalization stands at 26.6 billion while Bitcoin trades at 7,919 with a market cap at 141 billion and Litecoin trades at 136 with a market cap at 8.5 billion. The 100 biggest cryptocurrencies market capitalization holds above 254 billion.