Ethereum News: On June 25, market bears resumed their attack on the recovering cryptocurrency market. This attack was also felt by the Bitcoin price and market cap. Ethereum and Tezos were also hit hard by this drop.
Ethereum (ETH) price analysis
Ethereum has been trying to recover over the past few days, when traders showed interest at $1,826. It managed to rally to $2,075 on June 24, but the next attack from the bears pushed the price once again to the support near $1,826.
ETH is trading at $1,857 at the time of this writing and the market is in a bearish trend. Despite the negative pressure, traders are highly interested in the current price level. The Visible Range Indicator marked the Control Point at $1,784, which means the price could bounce back to this point and find support once again.
This downtrend may be possible as selling pressure remains high in the market. The Relative Strength Index moved into the oversold territory throughout the week and touched 34. As ETH is a few steps away from oversold, it could test the $1,784 support.
Tezos (XTZ) price analysis
Tezos’ chart shows that the asset has broken out of a descending channel. There was support at $2.19 but as selling picked up momentum on Monday, the price of the crypto asset fell below the support level. We saw the coin drop to $2.07 before making a U-turn. However, consistent bear attacks kept the value of XTZ at $2.63.
The mentioned decline took the price away from testing the $2.91 resistance and brought negative momentum to the market. This could keep the price bearish, but the asset is still in the equilibrium zone as per the Stochastic RSI. So we can see that the buying and selling pressures remain equal.
Considering the bearish trend, XTZ could continue to consolidate between the immediate resistance and support levels.