In today’s Ethereum price analysis, if the bearish pressure continues, ETHUSD price will revisit the lows of $230 support level.
Ethereum Price Analysis
Ethereum (ETH) price was in a sideways trend last week as the price was ranging below the overhead resistance level of $280. On May 30, ETH bulls met resistance as they couldn’t break the overhead resistance level. As a result, the price of Ethereum dropped and had a downward correction. Ethereum price dropped to the support of the $240 level but the bulls pulled back price above the $250 price level.
At the support price level, the bulls pulled the price above the 12-day and the 26-day Exponential Moving Averages (EMAs). However, they were resisted at the $270 price level while it is below the EMAs. On the downside, if the bearish pressure continues, ETH price will revisit the lows of $230 support level. On the other hand, Ethereum price will rise to retest the $280 overhead resistance level if the bulls are able to break above the EMAs.
ETHUSD Price Short-term Analysis
As the 1-hour chart shows, ETHUSD price is in a sideways trend as it had a downward correction to a low at $250 price level. ETH bulls pulled the price above the EMAs to reach the bullish trend zone. ETHUSD price met resistance at the $275 level which saw the price drop to a range bound move. The EMAs are sloping horizontally which is an indication of a range bound move. The price of Ethereum is now below the EMAs, thus suggesting that the price is likely to fall. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $270, $280, $290
- Support Levels: $240, $230, $240
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.