Ethereum Holds Critical Levels, Larger Uptrend Intact
Jun 08, 2020 at 10:52 //
News
The bulls and bears are undecided as Ethereum (ETH) is stuck between $235 and $245.
Ethereum Price Long-Term Analysis: Bullish
Earlier on buyers were denied access above $250 price level as sellers provided stiff resistance. The market dropped to $225 low but later converged between $235 and $245. The uptrend has been restricted below $245 high. In the same vein, the downtrend has been curtailed above $235. Yesterday, the crypto rebounded above $234 low and reached a high of $244.
Ethereum will resume its uptrend if a similar bounce occurs above $245. The $250 resistance is likely to be breached and the uptrend will continue. The biggest altcoin risks a downward move if the bulls fail to push the price above the resistance and the bears break the $235 support. Meanwhile, the altcoin is in a sideways move below the resistance.
Ethereum Indicator Analysis
ETH is still trading in the overbought region of the market. However, if sellers emerge, the price may retrace from the overbought region. Meanwhile, the crypto is above 80 % range of the daily stochastic but the bands are horizontally flat. It is a recent sideways move of the coin.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is still holding in the current range between $235 and $245. Despite being stuck between the range, the upward move will continue as long as the price is above the EMAs. The uptrend will be terminated if the bears break below the EMAs.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
