ETH/USD Medium-term Trend: Ranging
Resistance: $560, $580, $600
Support: $520, $500, $480
Yesterday, June 11, the ETH/USD pair fell to the low of $ 515.19. It was assumed that since the asset has reached its previous low, traders can initiate long positions and put their stop loss at $450. However, Ethereum is currently trading at $523.32 as at the time of writing.
From the 4-hour chart, price of the asset is in a sideways trend. The price of Ethereum fluctuates above the $500 price level. However, the 20-day moving average and 50-day moving average are trending southward indicating that the bearish pressure is not over.
Price of Ethereum can still fall to its previous low of $381 if the bulls fail to take control of the market. However, the relative strength index period 14 is level 33 indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, price of Ethereum is in a sideways trend. Price of the asset is trading above the $500 price level. However, since the market is oversold, the bearish pressure is likely to fizzle out soon.
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