Forex and Crypto News

ETH/USD makes new attempt to strengthen

15:20 01 June /2020

Ethereum is again trying to strengthen. This is the third attempt this year. At the time of publication, the ETH/USD pair is trading around $239 and plans to continue its growth to $240 and a further $250. On May 30, the ETH/USD pair tried a second time in the spring (March 7, ETH/USD was the first attempt) to break above the level of $250, but began to correct down. The level of $230 kept the price.

On the hourly chart, we see a bullish trend line that supports the pair around $230. And if it remains above the level of $230, the ETH/USD pair will try to break through the level of $250 again. The ETH/USD pair also rose above the Fibonacci retracement levels of 50% and 61.8% of the decline from $250 to $229.


It seems that in reality, investors are fighting for the level of $240. If the bulls manage to raise the price above $240, the pair will once again try to overcome the $250 mark.

If the ETH/USD pair fails to rise above $240, another downward correction is possible. In this case, the closest support area is limited by the levels of $232- $230. In case of breakdown, a more significant decrease soon is possible.

MACD is located in the bullish zone, which indicates further growth of the ETH/USD pair. The RSI is forming just above 50, indicating market uncertainty. This confirms that the level of $240 is important for bulls and bears, and will show the further movement of the pair

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