Ethereum (ETH) continues to demonstrate its volatility and potential for strategic trading. As of June 10, 2024, the price of ethereum stands at $3,677, showing a daily range between $3,654 and $3,714.
The 1-hour chart for Ethereum reveals short-term volatility, with the price of ether fluctuating between $3,642 and struggling to stay above $3,700. Key support is identified at $3,642, while resistance is at $3,722. The increase in volume at the $3,642 level suggests potential buyer interest, indicating a potential support level.
On the 4-hour chart, ethereum shows a downtrend with a significant drop to $3,570, followed by a consolidation phase as the price attempts to stabilize around $3,700. Support is strong at $3,570, with resistance at $3,889. High volume on red candles indicates strong selling pressure.
Looking at the daily chart, there is a noticeable upward movement followed by a sharp drop and subsequent consolidation. Ethereum reached a peak of around $3,980 before declining. Key support is at $3,570, while resistance is near the recent high of $3,980. High volume on red candles indicates significant selling pressure.
Different oscillators provide a mixed outlook for ethereum. The relative strength index (RSI) is 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 suggest a selling action.
Moving averages also offer a mix of buy and sell signals. Short-term averages like the 10-period exponential moving average (EMA) and simple moving average (SMA) indicate a sell action with values at $3,729 and $3,759 respectively. On the other hand, mid to long-term moving averages, including the 20-period EMA at $3,676 and 30-period EMA at $3,600, suggest a buy signal.
Long-term averages support buying, with the 50, 100, and 200-period EMAs and SMAs all indicating a bullish stance. This mixed outlook from moving averages calls for cautious trading, considering both short-term sell signals and long-term buy signals.
Bull Verdict:
Ethereum's mid to long-term moving averages and the potential support level around $3,570 suggest buying opportunities. A decrease in volume near this support level could indicate a rebound, offering a strategic entry point for long-term gains.
Bear Verdict:
Short-term indicators and recent high-volume selling pressure suggest bearish signals. Immediate resistance levels and sell signals from short-term moving averages call for caution. Traders may want to consider short positions or look for selling opportunities during upward movements struggling to maintain.
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