ETH Price Analysis: Ethereum Trading In Parallel Channel Below EMAs Between $215 And $242

By Vince Prince
Published June 15, 2020 Updated June 15, 2020
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ETH Price Analysis
ETH Price Analysis

ETH Price Analysis: Ethereum Trading In Parallel Channel Below EMAs Between $215 And $242

By Vince Prince
Published June 15, 2020 Updated June 15, 2020

ETH price is trading between 215 and 252 in a huge parallel channel with consolidation within it. After these formations, we will see a breakout coming in when the upper and lower lines touched strong enough.

ETH Price Analysis: 4 Hr Chart

ETH Price Analysis
ETH Price Analysis

ETH Price is trading below the 20 and 55-EMA which can confirm the next bounce to the downside as it is strong resistance and also we have an EMA cross down here which is confirming this view.

The RSI is sending moderate signs more to the downside which can provide with a test of lower levels here to touch it before backing up again to confirm the consolidation in the channel ETHUSD has. This channel will break either up or down and after the channel is broken it will confirm with high volume and momentum in the best case after that we will see a trend following in the breakout direction.

  • TREND: Sideways
  • EXPECTATION: Consolidation up and down
  • TREND AFTER EXPECTATION: EIther up or down
  • RSI: Moderate to more bearish
  • PREV: 238.12
  • OPEN: 238.03
  • VOLUME: 20.1K
  • DAY’S RANGE: 232.84 — 238.62

With Eth 2.0 updates and other positive news coming in, it will be interesting to see how ETH prices react to these updates. Keep following our analysis section for more updates.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Vince Prince
16 Articles
Vince is an experienced trader, investor and financial analyst within the markets in which he concentrates on the cryptocurrencies and decent opportunities within them to trade in a professional oriented manner. You can follow him at trading view market insight at: https://www.tradingview.com/u/VincePrince/ Or you can join his telegram channel: https://t.me/vinceprince_channel

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