- On the downside, if the bearish pressure continues, the ETH market will revisit the lows of $230 support level.
- On the upside, if the bulls break above the EMAs the crypto’s price is likely to rise to retest the $280 overhead resistance level.
ETH /USD Medium-term Trend: Bearish
- Resistance Levels: $270, $280, $290
- Support Levels: $240, $230, $240
Last week the price of Ethereum was still in a sideways trend. The ETH market was ranging below the $280 overhead resistance level. On May 30, the bulls failed to break the overhead resistance level and they were resisted. The crypto’s price fell and the market had a downward correction. The price fell to the support of the $240 price level but the bulls pulled back price above the $250 price level.
At the support of the $250 price level, the bulls made an upward move above the 12-day EMA and the 26-day EMA. The bulls were resisted at the $270 price level and the crypto is below the EMAs. On the downside, if the bearish pressure continues, the ETH market will revisit the lows of $230 support level. On the upside, if the bulls break above the EMAs the crypto’s price is likely to rise to retest the $280 overhead resistance level.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, the price of ETH is in a sideways trend. The ETH market had a downward correction to a low at $250 price level. The bulls pulled above the EMAs to reach the bullish trend zone. The crypto’s price was resisted at the $275 price level and the price fell to a range bound move.
The EMAs are sloping horizontally indicating the range bound move. The crypto’s price is below the EMAs which indicates the price is likely to fall. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Ethereum’s price is $264.23 ETH/USD exchange rate today. The real-time ETH market cap of $28.1 Billion currently ranks #2 with , daily trading volume of $2 Billion and live coin value change of ETH -2.59 in the last 24 hours.
Latest Ethereum Price Analysis, Chart Forecasts and Blockchain News
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