Ethereum (ETH) continues to demonstrate its dynamic nature and potential for tactical trading. As of June 10, 2024, the price of ethereum sits at $3,677, showing a daily range between $3,654 and $3,714.
The 1-hour chart for Ethereum displays short-term fluctuations, with the price of ether testing lower levels around $3,642 and facing challenges to stay above $3,700. Key support is identified at $3,642, while resistance is seen around $3,722. The increase in volume at the $3,642 level suggests that it could serve as a potential support, indicating interest from buyers.
On the 4-hour chart, Ethereum shows a downward trend with a significant drop to $3,570, followed by a period of consolidation as the price strives to stabilize around $3,700. Support is solidly established at $3,570, with resistance at $3,889. Spikes in volume on large red candles indicate strong selling pressure.
The daily chart reveals a noticeable upward movement followed by a sharp decline and subsequent consolidation. Ethereum reached a peak of around $3,980 before decreasing. Key support is situated around $3,570, while resistance is near the recent high of $3,980. The high volume on significant red candles signifies considerable selling pressure.
The indicators present a mixed outlook for Ethereum. The relative strength index (RSI) at 53.7, Stochastic at 27.8, commodity channel index (CCI) at -134.3, and awesome oscillator at 235.9 all show neutral signals. However, the momentum oscillator at -78.6 and the moving average convergence divergence (MACD) level at 95.4 both suggest a selling trend.
Moving averages (MAs) offer a combination of buy and sell signals. Short-term averages like the 10-period exponential moving average (EMA) and simple moving average (SMA) both signal a sell with values at $3,729 and $3,759 respectively. Conversely, mid to long-term moving averages, including the 20-period EMA at $3,676 and 30-period EMA at $3,600, suggest a buy.
Long-term averages also lean towards buying, with the 50, 100, and 200-period EMAs and SMAs all indicating a bullish outlook. This mixed perspective from moving averages calls for careful trading, aligning with both short-term sell signals and long-term buy signals.
Bullish Perspective:
The mid to long-term moving averages for Ethereum and the potential support level around $3,570 point towards buying opportunities. If the price nears this support level with diminishing volume, it could indicate a bounce-back, offering a strategic entry point for long-term profits.
Bearish Perspective:
Short-term indicators and recent high-volume selling pressure signal bearish trends. Immediate resistance levels and sell signals from short-term moving averages warrant caution. Traders may consider short positions or look for selling opportunities when upward movements struggle to maintain.
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