ETH/USD technical analysis June, 4

04.06.2020 14:11:33

On June 2, after reaching a minimum of $225,60, Ethereum was able to recover to the area of $233. This proves that the $230 mark provides enough support for the ETH/USD pair. After that, Ethereum shows steady growth. At the time of publication, the ETH/USD pair reached $245 and it looks like it will try to test the level of $250 again.

The ETH/USD pair feels comfortable above $230 and $240. Also, on the 4-hour chart, an upward line is formed with support at the level of $242. And while the ETH/USD pair is trading above the $240 area, we can expect continued growth.

Yesterday, the ETH/USD pair still tried to fall below $240, but the bulls kept this area, which once again confirms the strength of this level.

ethusd-4-June.jpg

Of course, the level of $250 provides the ETH/USD pair with enough resistance. And after the March decline, the ETH/USD pair has not yet reached this level. Therefore, most likely, the first attempt will fail. But in our case, the ETH/USD pair must remain above the level of $240. If the ETH/USD pair manages to overcome the $250 mark, it will break the downward long-term trend, which lasts from February. In this case, we can expect growth to the area of $255. Any further increase may require testing the level of $262.

The breakthrough of support levels of $240 and $230 may accelerate the decline, and the price may return to a minimum of $218.