In today’s Ethereum price analysis, a bullish trend is ongoing and ETHUSD is expected to reach a high of $320. What next should traders expect?
Ethereum Price Technical Analysis
Ethereum (ETH) price was in a bullish trend yesterday June 20. Ethereum price had been range bound since May 16 between the $220 and $280 levels. Yesterday, ETH bulls broke above the $280 price level and it is currently trading at $285 as at the time of writing. ETH bulls have to sustain hold on price above the Exponential Moving Averages (EMAs) so that Ethereum price can rise. A bullish trend line has been drawn to determine the duration of the bullish trend. In the meantime, Ethereum price is `making a series of higher highs and higher lows.
The bullish candlestick will test the trend line and continue its upward move. A bullish trend is said to be ongoing if the trend line is unbroken. If the bullish trend continues, Ethereum price can be expected to reach a high of $320. On the other hand, a bullish trend is said to be discontinued if the price breaks the trend line, and another confirmation candlestick closes on the opposite of the trend line. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which suggests a buy signal.
ETHUSD Price Short-term Analysis
As the 1-hour chart shows, ETHUSD price is in a bullish trend. ETHUSD price had been in a sideways trend in the last one month. The 12-day and the 26-day EMAs are sloping horizontally.
On June 20, ETH bulls climbed to a high of $285 but met resistance. ETHUSD price retraced to the support of the $280 price level and resumed an upward move. In the meantime, the MACD line and the signal line are above the zero lines. This indicates a buy signal.
- Resistance Levels: $260, $280, $300
- Support Levels: $240, $220, $200
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.