|

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

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.

More from Ken Chigbo
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash , MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages (EMA).

XRP slides amid record on-chain activity, mixed technical signals

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual DEX had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.