Ethereum (ETH) has been showing high volatility in the market, with its price fluctuating between $3,654 and $3,714 as of June 10, 2024. On the 1-hour chart, ether’s price has been testing lower levels around $3,642, with key support at this level and resistance at $3,722. Increased volume at $3,642 indicates potential buyer interest, suggesting this level may hold as a support.
Looking at the 4-hour chart, ethereum has been on a downtrend, reaching a low of $3,570 before consolidating around $3,700. Support is strong at $3,570, while resistance is at $3,889. Volume spikes on red candles show significant selling pressure in the market. The daily chart reveals an upward movement followed by a sharp drop, with ethereum peaking at $3,980 before declining. Key support is around $3,570, while resistance is near the recent high.
Various oscillators and moving averages provide mixed signals for ethereum. The RSI, Stochastic, CCI, and awesome oscillator all indicate neutral signals, while the momentum oscillator and MACD suggest a sell action. Short-term moving averages signal a sell, while mid to long-term moving averages suggest a buy. Long-term averages also favor buying, adding to the mixed outlook for ethereum’s price direction.
In conclusion, ethereum presents both buying and selling opportunities in the market. Traders should consider the potential support level at $3,570 as a buying opportunity if the price approaches with decreasing volume, signaling a rebound. However, short-term indicators and recent high-volume selling pressure suggest caution and potential selling opportunities on upward movements struggling to sustain. Overall, a strategic and cautious approach is advised for trading ethereum in the current market conditions.
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