Ethereum (ETH) Price Analysis – June 4
Ethereum markets have been bearish for the past five days after plunging from the $290 area which has remained the token’s 2019 all-time high. If the bulls take charge of the market, we may witness an upward direction to the previous high level. Ethereum is now trading around the $236.
Resistance levels: $270, $290
Support levels: $220, $200
After dropping to $230 on May 18, Ethereum has been following an ascending broadening wedge pattern as the price actions currently test the lower channel. A breakdown could lead to a significant price drop as cryptocurrency price may plummet to $200 after surpassing minor support of $220. If the market rebound, the buyers are likely to meet resistance at $270 and $290.
As it appeared on the 4-hours RSI, the ETH market has turned bearish as the 30 level remains solid support for the market. The 4-hours Stochastic RSI is significantly lying at the oversold condition. If the Stochastic RSI crosses over, we may see a buy trade towards the mentioned resistance levels.
Ethereum has been flagging down in a channel for the past three weeks as the token trades at 0.031BTC level. Meanwhile, the 0.3BTC has since been defensive support for the bulls as the 0.033BTC remains a solid resistance for the bulls to surpass as well. Looking at the 4-hours RSI, ETH has been indecisive as the market hovers on the 50 level of the indicator.
However, Ethererum trading appeared to be overbought at the moment as the market pressure may turn bearish. If the price drops below the 0.03BTC, the sellers may locate further support at 0.028BTC and below. Currently, the ETH market is following a bearish scenario as the market remains subdued with price action.
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