Ethereum (ETH) Price Analysis – June 1
The price of Ethereum loses momentum against the US dollar but it can be bearish at some point. ETH is now trading below the resistance of $280 and is expected to continue falling in the short term.
Resistance levels: $280, $290, $300
Support levels: $230, $220, $210
Looking at the chart, the price of the Ethereum is negotiated clearly below the pivot level at $270. At the time of writing this article, the ETH price ranged from $280 to $230 in resistance and support levels, but as long as there is no close above the $280 level, there are chances of a fresh decrease as the price is moving to the higher level of RSI (14).
In addition, if the price succeeds in a break down the MA (15) indicator on the chart, a net break below the pivotal level of USD 250 will likely open the doors below the support level at $ 230 and $ 210 respectively in future sessions.
Considering what is going on in the chart (ETH/BTC), the market movement has succeeded in crossing to the negative side of MA (15) indicator and once it touches the support level at 0.03BTC, then ETH/BTC may experience a few downward trends.
Presently, the market is experiencing a sideways trend. The same would continue for some time. In the coming days, the pair may drop by a few dollars, but the future seems bright if we compare the last month’s price with that of today. The investors will earn huge dividends on their investment but they should watch out for a few drops as the market moves.
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