Gate News bot news, FXStreet analyst Manish Chhetri stated that on June 12, the price of Ethereum failed to find support near the upper band of $2724, falling by 8.69% by Saturday. However, the next day, the price of Ethereum hovered above the lower band of $2461. On Monday, Ethereum attempted to retest but was blocked near the upper band, falling towards the 50-day moving average of $2434 the next day. As of Wednesday when this article was written, the price of Ethereum hovered around $2,500.
If ETH continues to pull back and closes below the 50-day EMA of $2434, it may extend the fall and retest the next support level of $2000.
The RSI indicator on the daily chart has fallen below the neutral level of 50, indicating bearish momentum. The MACD indicator on the daily chart showed a bearish crossover last week. The indicator also shows that the red histogram is rising below the neutral level, indicating bearish momentum and signaling a downward trend.
On the other hand, if Ether finds support near the lower band of the consolidation boundary at $2461, it may continue to rise and re-test the upper band of the consolidation boundary at $2724.
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StopAfterFinishingThisDeal.
· 06-18 04:11
A serious analysis is just a whipsaw to play people for suckers and kill retail investors.
FXStreet: If Ethereum (ETH) closes below the key support level, it may face a fall.
Gate News bot news, FXStreet analyst Manish Chhetri stated that on June 12, the price of Ethereum failed to find support near the upper band of $2724, falling by 8.69% by Saturday. However, the next day, the price of Ethereum hovered above the lower band of $2461. On Monday, Ethereum attempted to retest but was blocked near the upper band, falling towards the 50-day moving average of $2434 the next day. As of Wednesday when this article was written, the price of Ethereum hovered around $2,500.
If ETH continues to pull back and closes below the 50-day EMA of $2434, it may extend the fall and retest the next support level of $2000.
The RSI indicator on the daily chart has fallen below the neutral level of 50, indicating bearish momentum. The MACD indicator on the daily chart showed a bearish crossover last week. The indicator also shows that the red histogram is rising below the neutral level, indicating bearish momentum and signaling a downward trend.
On the other hand, if Ether finds support near the lower band of the consolidation boundary at $2461, it may continue to rise and re-test the upper band of the consolidation boundary at $2724.
(Source: Trading View)