Ethereum Price Analysis, 13th June: ETH Bulls Getting Back?

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

ETHUSD Dominant Trend: Bullish

Resistance Level: $300, $320, $340

Support Level: $200, $180, $160

 

Ethereum Price Analysis

On June 7, 2019, the price of the Ethereum (ETH) reached a maximum of $254. There was a gradual decrease on June 9, the price reached $226. Since then it has been increasing. It negotiates in a growing short-term wedge. At the time of writing, Ethereum price was negotiated in the middle of the wedge after several failed attempts to escape. However, Ethereum is operating in a longer-term pattern. As the 4-hour chart shows, Ethereum price has been negotiating another decreasing wedge since May 31. On June 11 and 12, the price of the Ethereum price reached slightly higher levels, of almost $260. At the time of writing this article, the current prices are above the 20-day moving average. However, we have not had a close above it. The use of these indicators suggests that Ethereum price (ETH) is increasing, although the breakouts are still possible, they would be short-term reductions as part of a long-term uptrend. The closest resistance level is around $300. If the Ethereum (ETH) price goes out of range, it will probably reach this area.

ethereum price chart 13th june
ethereum price chart 13th june

Ethereum price had a very optimistic Wednesday, rising from $245 to $257, up 4.9%. During the day, the price exceeded the resistance levels by $252 and $256. ETH/USD reached a maximum of $260 before the bears arrived and managed to reduce the price down to $200. Technical analysis shows that the momentum bullish is increasing and the immediate level of resistance is up to $300. If the bulls have enough momentum, the price should exceed $320, which has thwarted the ETH/USD market several times. The 20-day Bollinger band’s jaw is expanding, showing slightly higher market volatility. The market has found support in the uptrend line. The last session brought the market above the 20-day moving average and the signal line seeks to diverge, with the moving average convergence/divergence line (MACD) indicating an upward bullish momentum.

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