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ETH/USD Medium-term Trend: Bullish

Resistance: $ 650, $700, $750
Support: $550, $500, $450
Last week, June 1,price of Ethereum was in a bullish market. Also, the bulls were able to sustain the price above $500 throughout last week. It was expected that if the bulls held on to price, the asset would reach the high of $720. But if they lost possession to the bears then the asset would fall to the low of $ 357. Today, the asset is trading at $604.80 as at the time of writing.

From the 4-hour chart, a bearish trend line was drawn across the price of Ethereum to determine the end of the bearish trend. However, price of Ethereum has broken the bearish trend line and the candlestick closed on the opposite of the trend line. The trend line indicates that the bearish pressure of Ethereum has ended. The 20-day moving average is above the 50-day moving average confirming 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. The Fib. retracement level is attached to the one hour chart. In an uptrend, it is expected that if price retraces from the high, it will encounter support at one of Fib retracement levels which will give traders the opportunity to place long orders. The support levels to look out for are the 61.8 and 50.0. The asset was consolidating at level 61.8, while there was a serious bullish breakout at the  level of 50.0.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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