ETH/USD technical analysis June, 11

11.06.2020 13:18:11

After trading in the range of $230- $244 for several days, Ethereum was still able to rise above the $245 mark. After breaking the $245 mark, Ethereum picked up speed to overcome the psychological mark of $250. On June 1, Ethereum peaked at $253.60, but could not hold above the psychological level and declined to the $245 area, which provides sufficient support for Ethereum at this time.

During the growth, the ETH/USD pair managed to break out of the triangle with a resistance of about $243 on the hourly chart. But around $250, the bulls lost momentum, and sellers prevented growth.

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Despite the decline, the ETH/USD pair is still trading above the 100-hour simple moving average, which suggests a new attempt to overcome $250.

At the time of publication, the ETH/USD pair is trading at around $244. And the former resistance level of $245 has now become good support for the pair. The range of $242 to $250 is a Fibonacci retracement rate of 61.8% and also acts as strong support.

However, at this stage, the level of $250 is unattainable for bulls, as practice shows. And the bears may try to lower the price of Ethereum. If the ETH/USD pair fails to hold above the support level of $240 and the 100-hour simple moving average, there is a chance that the pair will drop below $230 down to $225.

Technical indicators send bearish signals. RSI dropped below 50 marks and forms near 36 mark. Hourly MACD is slowly moving into the bearish zone.