After a bearish Saturday, the ETHUSD got back up early on Sunday morning and the action on the price of the session managed to emerge from a block of reduced range, the price has been tested again and now it is possible to push further north. The market is evolving in an increased formation of ascending channels, to an additional $270 for tests. The gaps that occur in the recent price strive to make the purchase in full force. Obviously, due to the recent downtrend in which ETHUSD went from $271.43 to $261.62, it moved from that price to $266.40 currently, while this content seems to indicate that more growth could be expected for ETH today (June 3, 2019) because the 4-hour chart gives buyers more hope that the trend will resume with full force to reach the level of the offer at $275 and $290 respectively.
In addition, if buyers lose control of the market and give sellers the ability to ride them, the market could fall to the $250.30 level of demand. But according to the 4-hour chart which shows that the 50-day MA is preparing to cross the 21-day EMA blue line and if that happens, a signal line greater than level 50 used in stochastic 14, confirms that buyers are gaining more and more strength to control the market, which will not allow sellers to take control. The price is now returning to the retesting area, ideally an entry point as close as possible to $270, which would see the price touch and maintain the upper trend line.
Azeez Mustapha is a foreign exchange trader, a former market analyst at InstaForex and Tallinex, a blogger at ADVFN and a freelance author for trading magazines and websites. He has broad experience in forex trading, coaching and funds management. Outside of work, Azeez’s interests are literature, good music and keeping fit.