- The ETH market is still trading between the levels of $240 and $280.
- Nevertheless, the ETH market may continue its range bound move for a few days if the crypto does encounter a bullish or bearish breakout.
ETH /USD Medium-term Trend: Ranging
Resistance Levels: $260, $280, $300
Support Levels: $240, $220, $200
Yesterday, June 12, the price of Ethereum was in a sideways trend. The ETH market is still trading between the levels of $240 and $280. On June 10, the bulls pulled back price into the range bound zone after it had fallen below the low price range. The price rose to $262 in a bullish trend yesterday. The price is retracing to the lower price range. Those who had placed a long trade should exit their long position as the price is retracing.
It was suggested that range-bound traders should initiate long trades at the lower price range. Also, they should initiate a short trade near the resistance. This will enable them to earn partial profits by the time price ranges to the upper price range. Nevertheless, the ETH market may continue its range bound move for a few days if the crypto does encounter a bullish or bearish breakout. However, a bullish break at the $280 price level will propel price to reach the highs of $320 and $350 price levels. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of ETH is in a bullish trend. The 12-day EMA and the 26-day EMA are trending northward indicating that price is in a bullish trend. The price of Ethereum was making a series of higher highs and higher lows.
On June 12, the bulls reached a high of $260 but retraced to the support of the 12-day EMA. At another time, the bulls reached a high of $265 but retraced back to the 12-day EMA. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Ethereum’s price is $258.05 ETH/USD exchange rate today. The real-time ETH market cap of $27.47 Billion currently ranks #2 with , daily trading volume of $1.92 Billion and live coin value change of ETH 3.18 in the last 24 hours.
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