ETH/USD Medium-term Trend:Bullish
Resistance: $650, $700, $750
Support: $550, $500, $450
Yesterday, June 6, price of Ethereum was in a bullish trend. In the previous day, the price of Ethereum was in a bearish trend at a price of $604.36. It was assumed that if the asset falls, it might fall to the lows of $544.06 or $500. On the other hand, if the bulls are in control, the asset might continue with its range bound movement. However, from the price action, the asset fell to the low $574.47 and commenced a bullish movement to the high of $609.
Today, price of Ethereum is rising. The 20-day moving average is above the 50-day moving average indicating the rise of the asset. However, the asset will face initial resistance at the price of $620. The relative strength index period 14 is level 56 indicates that price of the asset is in the range bound zone.
ETH/USD Short-term Trend:Bullish
On the 1-hour chart, price of Ethereum is in a bullish trend. On the chart, the Fib retracement tool is attached to enable us to know the support levels of price where traders can place their long trades. However, if price retraces from the high, it will fall on one of these retracement levels which will again give traders the opportunity to place long trades. The support level at 50.0 retracement level is a typical example of a long trade.
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