Categories: Ethereum

Ethereum Price Analysis: ETH/USD Price Consolidates Below $258, Awaiting a Breakout

Click here to view original web page at www.coinspeaker.com
Photo: Shutterstock

Key Highlights:

  • Ethereum price is under bearish pressure;
  • the Bulls may eventually prevail;
  • consolidation is ongoing in the Ethereum market.

ETH/USD Medium-term Trend: Bearish

Supply Zones: $258, $289, $318
Demand Zones: $225, $191, $102

On the medium-term outlook, Ethereum is bearish. Ethereum maintains its bearish position on the 4-hour chart. On June 03, a bearish engulfing candle emerged and this geared up the Bear’s momentum. Former demand zone of $258 was penetrated and Ethereum price dropped below the level.

Bigger bearish candles formed and the bearish pressure was extended towards $225 level. The mark could not be reached before the Bulls interrupted and the price started consolidating. Ethereum price action has formed a falling wedge pattern on the 4-hour chart.

ETH price retains its trading below 21 periods EMA and 50 periods EMA, the latter is above the former as an indication of bearish movement. The Moving Average Convergence Divergence period 12 is faintly above the zero levels with the signal lines flat without showing any specific direction; this indicates that consolidation is ongoing in the 4-hour chart.

Should there be a breakout at the upper trend line of the wedge by the Bulls; the price may rally towards $289 level provided the $258 level does not hold. In case the Bears push the coin and it breaks out at $225, the price may find support at $191.

ETH/USD Short-term Trend: Bearish

On the short-term outlook, ETH price is bearish. The coin dropped from the high above $258 level on June 03 and rolled down towards the demand level of $225. The Bulls opposed further decrease in price and the coin changed the direction towards the north side. Meanwhile, Ethereum is trading within the falling wedge pattern formed on the chart. The price is currently consolidating between $225 and $258 level.

The crypto is trading in between the 21 periods EMA and 50 periods EMA as a sign of consolidation. The Moving Average Convergence Divergence period 12 with its histogram is flat horizontally at the level and the signal lines are equally flat at the zero levels; which indicates that consolidation may continue for short period of time.

Ethereum price is under bearish pressure;

the Bulls may eventually prevail; consolidation is ongoing in the Ethereum market. ETH/USD Medium-term Trend: Bearish Supply Zones: $258, […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Venezuelan designer prefers to receive his payments in bitcoin than in dollars

Source: UnSplash It is no secret to anyone. The economic situation in Venezuela has made bitcoin a clear alternative. On… Read More

4 hours ago

Bitcoin Price Charts & Technical Analysis: BTC Remains Bullish

- Consolidation within a common and strong continuation pattern continues. - The length and end of this consolidation can be… Read More

4 hours ago

Simon Ordish: Building WhatsOnChain to fit Bitcoin SV’s needs

While many cool applications have helped broaden the appeal of Bitcoin SV (BSV), one of the earliest applications has been… Read More

4 hours ago

Mark Mobius: Buy Gold At Any Price

Last week we reported that the mainstream is turning bullish on gold , and in recent months, a number of… Read More

4 hours ago

Veteran Investor: Demand For ‘Psycho Crypto Currencies’ Good For Gold Prices

Bitcoin has often been compared with gold as it shares a number of similar traits. Both are safe haven assets,… Read More

4 hours ago

Vaping May Harm Your Blood Flow—Even Without Nicotine

For first-time vapers, merely inhaling vape juice from an e-cigarette caused their blood vessels to constrict, stiffen, and circulate less… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More