ETH/USD
Long-term Trend: Ranging
·
Resistance Levels: $280, $300, $320
·
Support Levels: $240, $220, $200
The ETH/USD pair is trading in a range-bound
zone. The ETH market is trading between the levels of $240 and $280. In the
last three weeks, the bulls and the bears were yet to break their respective
levels. On June 3, the bulls were resisted and the price fell to the $240
support level.
The lower price range was
holding as the bulls took another initiative to resume the range bound move.
However, the appearance of small body candlesticks provides indecision between
the buyers and sellers at the current market price. Nevertheless, if the crypto
continues its range-bound movement, the price of Ethereum is likely to face a
bullish breakout or a bearish breakout.
At the upper price level, if there is a bullish
breakout at the $280 resistance level, the ETH price will rally above the $320
price level. On the other hand, if there is a bearish breakout at the $240
price level, the coin will depreciate to a low at $160 price level. Meanwhile,
the MACD line and the signal line are above the zero line which indicates a buy
signal.
The views and opinions
expressed here do not reflect that of BitcoinExchangeGuide.com and do not
constitute financial advice. Always do your own research.
Source: www.bitcoinexchangeguide.com
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