Ethereum price prediction: ETH/USD takes chunky bounce off support, as price moves back above $600 territory, but now entering sell zone again
- Ethereum makes a descent comeback on Tuesday, after a slow start to the session.
- ETH/USD managed to reclaim the $600 level, however supply zone seen just ahead, $608-630.
The Ethereum price managed to move firmly into the green, after an initially soft start to the session. In the latter stages of trading, ETH/USD was up over 3%, moving back above the $600 mark, after Monday’s sell-off.
ETH/USD like several of the other major altcoins, is moving within an ascending channel pattern, price action has been respecting this since 29th May. Within this period, Ethereum has managed to gain over 20%, thanks to the decent bull-run observed last week.
Given the recent jump higher, immediate resistance is seen for ETH/USD, the price currently sitting in the early part of a supply zone. This tracks from $608 up to $631, Ethereum had started to lose ground within this region between 3rd and 4th June. Support is seen at $600, in proximity to the 50 and 100MAs, the further south at $582, where the lower trend line of the channel is currently tracking.
ETH/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
