Ethereum price is still trading between the levels of $240 and $280 and a bullish or bearish breakout seems imminent for the cryptocurrency.
ETHUSD Chart
Ethereum (ETH) price was in a sideways trend yesterday and is still trading between the $240 and $280 levels. Yesterday, the Ethereum price fell after the bulls met resistance at the $260 level. Today’s, June 14, the price of Ethereum is making another upward move to the upper price range.
As we have earlier suggested, range-bound traders can initiate long trades at the support level and exit near the resistance level. Also, if Ethereum price has tested the upper price range and it is retracing, a range-bound trader can initiate a short trade. The short trades can be terminated near the support level. However, the price of Ethereum may continue its range bound movement in the coming days. A bullish or bearish breakout is imminent for the cryptocurrency. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line, indicating a buy signal.
ETHUSD Chart
As the 1-hour chart shows, ETHUSD price is in a bearish trend zone. On June 12 and 13, ETHUSD price was facing resistance at the $262 price level. On Jun12, the bulls tested the $262 price level but met resistance and the price fell to the support of the 26-day Exponential Moving Average (EMA).
Yesterday, ETH bulls repeatedly tested the $262 resistance level and the price was on a downward correction to a low at $250 level. However, the bulls pulled price back up above the EMAs. In the meantime, the MACD line and the signal line are below the zero line which is an indication of a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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