ETH/USD Medium-term Trend: Ranging
- Resistance: $ 650, $700, $750
- Support: $550, $500, $450
Yesterday, June 4, a bearish trend line was on the price of Ethereum to determine whether the bearish pressure was over. Price of Ethereum broke the bearish trend and the candlestick closed on the opposite side of the trend line indicating that the bearish trend was over. The asset is currently trading at $580.9 at the time of writing.
From the 4-hour chart, price of Ethereum is falling and may face resistance at $544.06. If price falls and breaks this level, the asset will continue its fall to the low of $500. But if bulls take control of price the asset will commence a range bound movement. Meanwhile the relative strength index period 14 at level 42 indicates that price of the asset is in the range bound zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, price of Ethereum is in a bearish trend. The asset fell from the high of $622.47 to the low of $577.50. The 20-day SMA crosses below the 50-day moving average indicating that price of Ethereum is falling. Traders may initiate long positions if price falls and hold at the support level of $544.06.
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