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Ethereum Price Analysis, 6th June: ETH under pressure

Ethereum price was initially under pressure selling early Wednesday. ETH corrected again near the level of demand at $239 on June 5.

ETH/USD Dominant Trend: Bearish

Resistance Levels: $300, $350, $400

Support Levels: $200, $150, $100

 

Ethereum Price Analysis

Ethereum price was initially under pressure selling early Wednesday. ETH corrected again near the level of demand at $239 on June 5, when the purchases arose. The 21-day EMA is running out and the RSI has moved closer to the center and this point to a short-term consolidation. If buyers defend $239, the cryptocurrency could reach $288, which would again compare with the level of supply. On the other hand, a breakdown of $239 will indicate weakness and may collapse. The Ethereum price is at 50 days MA and we expect strong demand in this moving average as the coin has been supported several times since May 2019.

Ethereum Price Chart 6th June
Ethereum Price Chart 6th June

However, Ethereum price has managed to stabilize, bouncing around $230 for a large daily demand. A break below could have exposed the $200 barrier down. The ETH/USD daily price action was backed up by an uptrend line in effect since May 15. The bears managed to force a decisive breakthrough on June 3, prompting a new wave of selling pressure, before closing the session on Wednesday, as noted above. At the same time, the price is starting to fall below the moving average of supply and demand, with the support of 50 MA currently providing support at $246, while the maximum limit of 50 MA increases to $249. RSI level 44 means that the price will remain above $240 and the increase will be limited to $250.

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Written by Nadja Eriksson

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