Along with major cryptocurrencies, ETHUSD nosedives after hitting the $290 level and then dropped to 250 USD after it maintained the price range for some time. Where is the pair next headed? Gain insight into the following Ethereum price analysis.
ETHUSD Chart
In retrospect, Ethereum (ETH) price had been range bound between the levels of $230 and $280 in the past two weeks. On May 30, ETH bulls broke the $280 overhead resistance rose to the $290 price level. However, the bulls met resistance which resulted in the price falling in a downward correction to the range bound zone. The candlestick tested the $240 price level but closed above the $250 price level. The bearish trend was terminated at the $240 price level.
If the bulls maintain the $250 price level, Ethereum price will make a bullish move to retest the previous highs. On the downside, if the bearish trend continues, ETH price will drop to the low at $230 level.
ETHUSD Chart
Looking at the 1-hour chart, ETHUSD price is in a bearish trend. Yesterday, the ETH price slumped after the bulls were resisted at the $290 price level and the price nosedived to the previous low at $250. At the $250 support level ETHUSD price commenced an upward trend while facing resistance at the $257 price level.
If ETHUSD price continues to slide, the price might fall to the support of the previous $240 price level. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which suggests 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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