Ethereum Now Plays Around $240, Where Is It Heading Next? | FXTimes.com

Ethereum (ETH) Price Analysis – June 6

Ethereum, the second largest cryptocurrency, has swinging low for over a week and bringing the market to a notable bearish condition with a current market cap of $25.6 billion. However, the bull may have to play along until the bears lose momentum in the market.

ETH/USD Market

Key Levels:
Resistance levels: $250, $265, $277
Support levels: $225, $215, $207

This month, the entire crypto market has witnessed a slight drop in price while some are still dipping like Ethereum, which has lost $50 from the yearly high which was printed around the $290. Now, we have seen the bearish play in the past six days as price plunges to the current trading price around $240.

ETHUSD, 4H Chart – June 6

Dramatically, the market is going down in a bearish wedge. We can expect next support at $225, $215 and $207. If the buyers show a strong reaction, however, the previous resistance at $250, $265 and $277 levels are likely to be revisited. Checking the RSI indicator, the ETH market is now responding to selling pressure as it rests below the 50 level.

ETH/BTC Market

Following Bitcoin price drop, Ethereum has witnessed a decrease in price in the last 24-hours with a current trading price around 0.031BTC. The sellers have continues to maintain a short position since the market fell from 0.0333BTC in the past few days. However, ETH market has been subdued with choppy price action, showing a low volatility trading.

ETHBTC, 4H Chart – June 6

The ETH/BTC pair appears weak as a result of inactive trading which is unlikely with this pair. Most times, such signals could amount to a potential big move which might be around the corner. However, a bullish play could propel the price action to 0.03BTC, 0.03BTC and 0.03BTC resistance. In an inverse move, a bearish play might slip the market to 0.03BTC, 0.30BTC and 0.03BTC support. For now, this market remained in the wedge range.

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