Forecast for the Ethereum rate: the coin will rise in price to $ 265 by June 18

On June 10, the Ethereum (ETH) cryptocurrency rate broke the resistance barrier at $245 and consolidated above itLevel. Therefore, the coin should rise to $265 by June 18.

Key points

The bullish trend will continue if buyers break through the barrier of $250.

On the hourly chart formed a line of downward trend with resistance at $248.

The nearest support area is at $240.

This week, the Ethereum market was flat.Price fluctuated in the range of $241-245.On Tuesday there was a sharp jump, but the situation immediately stabilized.On the night of June 10 to 11, the asset was traded to $251 (on the Bitstamp exchange), but the value of ETH was adjusted to $246.

The koin is now trading in a range above the 100-hour average ($242).On the chart there is a bearish trend with resistance at $248.Thus, the bulls need to break through this barrier to develop success.Otherwise, the Price of Ethereum will roll back to $240.The next support barriers are at $230, $220 and $205.

Why will the price of Ethereum rise?

Despite a long flat, the dynamics of changeThe value of ETH did not go beyond the bullish trend that began in March. The price of the coin is approaching the downtrend line that arose in June 2019, with a resistance zone at around $ 260. The lines will intersect on June 25, so after this date the level of volatility should increase.

Bitcoin (BTC) crossed last year's linea bearish trend at the end of May and fixed above the resistance level of $ 9600. Theoretically, Ethereum could repeat the fate of the older brother. In this case, the price of ETH will exceed $ 260 and will start to go up. Most likely, the resistance barrier will be pierced by a powerful impulse by 5-10% after the coin passes for $ 250.

A fall in Ethereum is certainly possible. But judging by the schedule, the bull trend has not run out of steam. This fact is confirmed by the fact that the average price of ETH per 100 hours has been growing steadily since May 10. The risk of a market reversal will increase significantly if the support barrier at the level of $ 240 is overcome.

Technical indicators:

The MACD indicator for 4 hours is in the bullish trend zone.

The 4-hour RSI is above 50 (in the neutral area).

The main support level is $240.

The main resistance level is $ 250.

Nearest reversal points: $241 and $251.