Ethereum (ETH) Price Analysis – June 21
The ETH markets are moving in the opposite direction for the past few days. As the ETH/BTC pair significantly dropped to 0.028BTC with current trading around 0.0293BTC; the ETH/USD pair witnessed a notable price increase to around $292 before a slight drop to $285. In overall, the Ethereum market has seen a 6.57% gain in the last 24-hours of trading.
Resistance levels: $300, $310, $320
Support levels: $270, $260, $250
Ethereum has eventually surged above the strong $280 resistance after a few days of positive volatility which led the current price to $292, the last month high. The bullish scenario is clearly pictured on the 4-hours RSI, currently overbought. As ETH trading remains in an ascending channel, a reversal move was signaled on the last 4-hour candle, followed by a bearish candle.
The market may short to $270 support and further break to $260 and $250. Meanwhile, an upward movement may shoot price at $300, meeting the upper channel. A break above the channel could lead the buyers to $310 and $320 resistance. Currently, the 4-hours MACD is still bullish as a more upward movement is expected after a pullback.
Ethereum has dipped significantly below the 0.03BTC support, now a strong resistance level for the market. June 16 marks a horrible scenario for the token against the Bitcoin pair. After dropping near 0.028BTC yesterday, the market retraced back to the 0.03BTC area – a few hours ago. Currently, Ethereum is on the verge to drop again.
This time, we may be testing the 0.028BTC support and below. The bearish scenario is indicated on the 4-hours MACD as it swings at the lowest condition. Similarly, the 4-hours RSI has retested the 50 level due to the recent positive move. If the bullish pressure continues, Ethereum may hit 0.03BTC resistance and above. But a look at the market structure suggests a downward spiral for the next move.
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