In today’s Ethereum price analysis, ETHUSD may continue its range bound move for a few days if it does not encounter a bullish or bearish breakout. What is next?
Ethereum Price Analysis
Ethereum (ETH) price was in a sideways trend yesterday June 11 and it is still trading between the levels of $240 and $280. While the bears broke below the lower price range on June 9, the bulls pulled back price into the range bound zone the next day. Ethereum price is trading at $249 above the lower price range. Since the price of Ethereum is ranging, range-bound traders can initiate long trades at the lower price range.
This will enable them to make some profits by the time price ranges to the upper price level. Also, a range trader can initiate a short trade near the resistance, if the price is retracing from the upper price range.
However, the Ethereum price may continue its range bound move for a few days if ETH does not encounter a bullish or bearish breakout. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a bullish trend. The 12-day and the 26-day Exponential Moving Averages (EMAs) are trending northward, thus indicating that price is in a bullish trend. From the price action, the ETHUSD price is above the EMAs which suggest that price is likely to rise.
From the Fibonacci retracement tool, the ETHUSD price is at the 0.236 Fib. retracement level, which is a continuation zone for a trending market. In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $260, $280, $300
- Support Levels: $240, $220, $200
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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