ETH/USD Medium-term Trend: Ranging
Resistance: $ 650, $700, $750
Support: $550, $500, $450
Yesterday, June 7, price of Ethereum was in a bullish trend. It was assumed that as the asset moved upward, it is likely to face resistance at the price of $620. However, price of the asset is currently trading at $605.96 as at the time of writing.From the chart, price of Ethereum has risen to $615.32 before it was resisted by the bears.
Thereafter, the asset fell to a sideways trend. Meanwhile, the relative strength index period 14 is level 52 indicates that price of the asset is in the range bound zone. However, the asset is likely to continue its sideways trend until a breakout occurs.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, price of Ethereum is in a sideways trend. As the bulls were resisted, the asset fell to a sideways trend. The 20-day moving average and the 50-day moving average are trending horizontally along with the price. The asset may likely fall to its previous low of $594.29. If price of Etereum falls to its low, then traders should initiate long trades, and a stop loss at a price of $579.43
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