Bearish Move Remains Dominant For Ethereum – Still Trading Below $250 Level

Bearish Move Remains Dominant For Ethereum – Still Trading Below $250 Level
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Ethereum (ETH) Price Analysis – June 11

Ethereum trading has remained below the 0.031BTC against the Bitcoin market and at the $250 against the Dollar market for the past five days – facing solid resistance which might be surpassed in the future trading. If not, a bearish continuation may further depreciate the value of the token. However, the bears are still holding their position.

ETH-USD Market

Key Levels:
Resistance levels: $252, $270
Support levels: $230, $215

After the May 30 sudden price drop from $290 area, Ethereum established a monthly low around $230 before bouncing up. Following the bearish wedge, ETH price is nearing a tight range which could lead to a surge in volatility. Currently, the sellers are gaining control of the market on a medium-term trend. The bigger picture is revealed on the 4-hours MACD.

ETHUSD-4H-Chart-June-11

Looking at the 4-hours RSI, the market has now met resistance at the 50 level. Breaking the level could set a bull-run for the market, testing the $252 and $270, above the wedge. However, if the RSI continues to trend low, the bears may locate support at the $230 and $215 levels. Keeping an eye on the next move, a downward move is likely.

ETH-BTC Market

Ethereum market has been subdued with choppy price action since the market fell on May 16. In the course of the weekly trading, the 0.031BTC has held strongly against buying pressure. A successful drive could level up price at the 0.032BTCresistance and above, meeting the upper trend line. ETH, however, has appeared to be indecisive on the 4-hours MACD.

ETHUSD-4H-Chart-June-11

Below the current trading price at 0.0308BTC, the sellers may look for support at 0.03BTC, a significant level for the market. If the market slips below this support, the $0.029BTC, $0.028BTC could further provide support for the market. The 4-hours RSI has shown the token on a side-way trend as the market awaits the next signal.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.