Ethereum Price Analysis - June 11

  • The bears are still in control of the asset  both in the medium and short-term outlook
  • It will be the second retest at the $500.00 demand area, traders should be careful at this area.

Ethereum, ETHUSD, Cryptocurrencies, chart

Ethereum Medium-term Trend: Bearish

Supply zones: $650, $750, $800

Demand zones: $550, $500, $450

Ethereum is bearish in the medium-term outlook. The bears successfully broke the lower demand area of last week range and went on a nice ride to the south. They were able to break critical demand zones at $500.00 and $550.00.

The 10-day EMA acted as a strong resistance against the upward move. The stochastic oscillator is at 55 percent and it signals points upwards. Which means minor uptrend may occur which should be seen as a market correction for downtrend continuation, otherwise known as a deadcat bounce. Daily candle opened bearish and below the 10-EMA which implies sellers presence.

Ethereum Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocompare chart

Ethereum is ranging in the short-term outlook. The bearish trend that occured over the weekend broke the $598.00 at lower demand area and went further down to the $500.00. The Bollinger band is closing up the showing sigh of consolidation. Ethereum is trading between the upper supply area at $540.00 and the lower demand area at $500.00. During consolidation, patience is required, this will help traders flow with either the uptrend after the breakout or the downtrend after the breakdown.   

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.