Analyst: Ethereum Bulls Still In Control at $240, Even Without “Real” Buying

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After breaking out past $250 on June 1st, Ethereum saw a harsh rejection on June 2nd. The asset fell from over $250 to $225 in a matter of minutes, crushed as Bitcoin slipped by a similar amount on top exchanges.Despite this strong drop, analysts assert that bulls still remain in control of the asset.Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan SlumpsEthereum Bulls Still in Control, Despite 10% CorrectionIn the wake of the correction, a prominent trader noted that Ethereum remains above crucial support levels. The chart indicates ETH is still trading above the eight-day moving average, along with the $225 horizontal resistance.This is important as it shows that bulls remain on control. As the analyst remarked in reference to the chart:“Ethereum Daily [chart] – Bulls have built a pretty nice chart without any real buying pressure.”

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