Ethereum (ETH) Price Analysis – June 6
Ethereum, the second largest cryptocurrency, has swinging low for over a week and bringing the market to a notable bearish condition with a current market cap of $25.6 billion. However, the bull may have to play along until the bears lose momentum in the market.
Resistance levels: $250, $265, $277
Support levels: $225, $215, $207
This month, the entire crypto market has witnessed a slight drop in price while some are still dipping like Ethereum, which has lost $50 from the yearly high which was printed around the $290. Now, we have seen the bearish play in the past six days as price plunges to the current trading price around $240.
Dramatically, the market is going down in a bearish wedge. We can expect next support at $225, $215 and $207. If the buyers show a strong reaction, however, the previous resistance at $250, $265 and $277 levels are likely to be revisited. Checking the RSI indicator, the ETH market is now responding to selling pressure as it rests below the 50 level.
Following Bitcoin price drop, Ethereum has witnessed a decrease in price in the last 24-hours with a current trading price around 0.031BTC. The sellers have continues to maintain a short position since the market fell from 0.0333BTC in the past few days. However, ETH market has been subdued with choppy price action, showing a low volatility trading.
The ETH/BTC pair appears weak as a result of inactive trading which is unlikely with this pair. Most times, such signals could amount to a potential big move which might be around the corner. However, a bullish play could propel the price action to 0.03BTC, 0.03BTC and 0.03BTC resistance. In an inverse move, a bearish play might slip the market to 0.03BTC, 0.30BTC and 0.03BTC support. For now, this market remained in the wedge range.
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