ETH/USD Medium-term Trend:Bullish
Resistance:$650, $700, $750
Support:$550, $500, $450
Yesterday, June 5, Ethereum was in a bearish trend. It was assumed that price might fall to the low of $544.06, and the level might be broken. However, if that happened the asset would further nosedive to the low of $500. On the other hand, if the bulls take control of price, the asset would continue with its range bound movement. The asset is currently trading at $604.36 as at the time of writing.
However, from the weekly chart, price of the asset fell to $574.47 and made a bullish movement to the high of $625.93. Price of Ethereum will face initial resistance at the price of $625.93. If that level is broken, the asset will reach the high of $700 where they will face another resistance. Meanwhile, the 20-day moving average is above the 50-day moving average indicating that price of Ethereum is rising.
ETH/USD Short-term Trend:Bullish
On the 1-hour chart, price of Ethereum is in a bullish trend. At the low of $574.47, the asset rose to the high of $609 and commenced a range bound movement. That is, price of the asset is consolidating at that level for a possible breakout.
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