Ethereum’s Price Analysis on June 17, 2024
As of June 17, 2024, the price of ethereum stands at $3,521, with fluctuations between $3,495 and $3,645 in the last 24 hours.
On the 1-hour chart, ethereum’s recent high is $3,652, and the low is $3,484. The trend has been bearish since June 21, marked by increased selling volume. A potential entry point could be near the support level at $3,485 if a reversal with higher buying volume occurs. Conversely, an exit point may be at $3,650, a significant resistance level.
The 4-hour chart indicates a broader downtrend with intermittent rises hinting at possible consolidation. The recent high is $3,656, and the low is $3,358.8. Significant volume spikes coincide with major price movements. A reversal might be signaled if the price stabilizes above $3,500 with high volume, while resistance around $3,650 per ethereum could be an important exit point.
Reviewing the daily chart for ethereum against USD, the recent high was $3,980 and the low was $2,863. The overall trend shows a peak followed by a gradual decline. Trading volumes have decreased recently. A strong spike with high volume near the $3,500 support level could indicate a good long position. The previous high near $3,980 acts as a strong resistance level for a potential exit.
The daily chart’s oscillators present a neutral picture, with the relative strength index (RSI) at 46.3 and the Stochastic at 39.5. Both the commodity channel index (CCI) and the average directional index (ADX) suggest a lack of strong momentum. The awesome oscillator remains neutral at -75.9, while the momentum indicator at -156.6 indicates a bullish signal. The moving average convergence divergence (MACD) level is slightly bearish at 5.7.
Moving averages (MAs) further demonstrate the bearish sentiment in the short term, with the 10-day and 20-day exponential moving averages (EMA) and simple moving averages (SMA) signaling sell orders. However, the longer-term perspective is more positive, as the 50-day, 100-day, and 200-day EMAs and SMAs all indicate buying signals. This contrast suggests caution in the short term while maintaining a bullish outlook in the long term.
Bullish Outlook:
The long-term outlook for ethereum remains positive, with longer-term moving averages signaling a buying opportunity. Traders should consider holding positions or entering new ones near key support levels, especially if signs of a reversal and increased buying volume appear. The current price stability around $3,500 and the potential for upward movement indicate a bullish trend in the weeks ahead.
Bearish Outlook:
Short-term indicators for ethereum reflect a bearish sentiment, with recent price trends and moving averages suggesting continued downward pressure. Traders should exercise caution and consider setting tight stop-loss orders near resistance levels, particularly if selling volume remains high. The lack of strong momentum and neutral oscillators indicate limited upside potential in the short term.
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