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Ethereum Price Analysis: 7 June, Ethereum in Ranging Trend – Coinnounce

Ethereum Price Analysis: 7 June, Ethereum in Ranging Trend

Ethereum Price: Dominant Trend is Ranging

Supply Level: $275, $300, $325

Demand Level: $211, $188, $168

The calm drops in ETH/USD after a stormy night in the cryptocurrency market. The recovery of Ethereum is expected to be between $235 and $249. ETH/USD managed to exit the red with subtle gains on the intraday chart. At the levels discussed in the cryptocurrency market update, the Ethereum Price is struggling to stop at more than $250. The 4-hour chart shows the calm that followed the correction of highs above yesterday’s $251. The falls of the day did not find support at $211 and $188, but the bulls won $249.26 at a fortress, blocking the falls. Currently, the market is operating above the 21-day moving average and the 9-day moving average, with stochastic signal lines on the rise.

However, according to the 4-hour chart, if the price exceeds the upper limit of the channel that looks towards the northern area of the trading platform to continue rising, a break above $260 must be made, facing other barriers to $275, supply levels of $300 and $325. But in the event that the price is not set above $250 due to the exhaustion of prices on the buyers, the Ethereum will reverse the 21-day blue and yellow line 21-day MA and 9-day EMA moving on to breaks the lower limit of the channel, the initial demand level is seen at $230 while the further correction south will find support at $211, $188 and $168 respectively.

Azeez Mustapha @ItuGlobal

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.

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Azeez Mustapha @ItuGlobal

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