Ethereum (ETH) Price Analysis – June 17
During the past seven days, the Ethereum market has been up by 20% as it retests $280 yesterday. Currently, the second largest cryptocurrency trades around $271, against the Dollar. The token is now witnessing a bearish scenario, against Bitcoin. However, Ethereum markets have been moving in the opposite direction for the past few days.
Resistance levels: $280, $290
Support levels: $260, $250
After falling to $230 seven days ago, Ethereum saw a bullish reversal which has brought the market to the current trading price around the $271. However, the past three days have been quite interesting for the market, trending alongside Bitcoin’s positive move. The 4-hours RSI remained in the bullish zone as the buyers hold positions tightly.
The ETH/USD pair appeared to be compounding bullish pressure on the 4-hours Stochastic RSI as the next key level of resistance lies at $280 and $290. While testing the lower channel, a break down could send the market to the $260 and $250 supports. As it appeared now, the bulls are more likely to push the price higher.
Against the Bitcoin, the last 24-hour trading has revealed a slight break down on the long channel after a continuous selling pressure in the market, which led to the current trading price at around 0.0295BTC. However, this suggests that the sellers are gaining control of the market. The 4-hour RSI is now revealed at the 30 percent, revealing the ongoing price drop.
Looking at the 4-hours Stochastic RSI, Ethereum has signaled a downward movement after testing the 50 level of the indicator. The sellers may pull the market down to 0.028BTC and 0.027BTC supports. If the buyers managed to push back the market in the channel boundaries, the 0.031BTC and 0.032BTC resistance may be tested. For now, ETH/BTC pair follows a bearish scenario.
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