In today’s Ethereum price analysis, if the bulls break the $280 price level, we can expect ETHUSD price to revisit the previous highs of $300 and $320.
Ethereum Price Analysis
In retrospect, Ethereum (ETH) price was in a sideways trend last week as it was trading between the levels of $240 and $280. These Ethereum price levels remain unbroken in the previous month. Nevertheless, yesterday, June 16, ETH bulls reached the $280 upper price level.
On the upside, if ETH bulls break above the $280 price level, Ethereum price will revisit the previous highs of $300 and $320. On the other hand, Ethereum price will drop and resume its range bound move if the bulls are unable to break the $280 price level. From the trend line tool, the bullish trend line was drawn to determine the duration of the bullish trend.
The bullish trend is said to be ongoing if the trend line is unbroken. Nevertheless, the bullish trend is discontinued if the trend line is broken and another confirmation candlestick closes on the opposite of it. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which is an indication of a buy signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a bearish trend. Yesterday, ETH bulls tested the $280 price level but they met resistance, as a result, the price dropped to the support of the 26-day Exponential Moving Average (EMA) but later falls below the EMAs.
On the upside, if the bulls break above the EMAs, ETHUSD price will resume its upward move. On the downside, if ETHUSD price is below the EMAs, there is a possibility of it falling. In the meantime, the MACD line and the signal line are above the zero line, indicating a buy signal.
- Resistance Levels: $260, $280, $300
- Support Levels: $240, $220, $200
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.