Market Data 
On June 17, 2024, ethereum is priced at $3,521, fluctuating between $3,495 and $3,645 over the past 24 hours.
Ethereum
On the 1-hour chart, ethereum’s (ETH) recent high is $3,652, and the low is $3,484. The trend has been bearish following the peak on June 21, characterized by increased selling volume. A potential entry point is near the support level at $3,485 if a reversal with increased buying volume is observed. Conversely, an exit point may be around $3,650, a significant resistance level.
ETH/USD daily chart via Bitstamp.
The 4-hour chart shows a broader downtrend with intermittent rises suggesting possible consolidation. The recent high is $3,656, and the low is $3,358.8. Significant volume spikes correspond with major price movements. A reversal may be indicated if the price stabilizes above $3,500 with high volume, while resistance around $3,650 per ETH could be a critical exit point.
ETH/USD 4-hour chart via Bitstamp.
Examining the ETH/USD daily chart, the recent high was $3,980 and the low was $2,863. The overall trend indicates a peak followed by a gradual decline. Notably, trading volumes have decreased recently. A strong spike with high volume around the $3,500 support level might signal a good long position. The previous high near $3,980 serves as a strong resistance level for potential exit.
The daily chart’s oscillators paint a neutral picture with the relative strength index (RSI) at 46.3 and the Stochastic at 39.5. Both the commodity channel index (CCI) and the average directional index (ADX) suggest a lack of strong momentum. The awesome oscillator remains neutral at -75.9, while the momentum indicator at -156.6 suggests a bullish signal. The moving average convergence divergence (MACD) level is slightly bearish at 5.7.
Moving averages (MAs) further illustrate the bearish sentiment in the short term, with the 10-day and 20-day exponential moving averages (EMA) and simple moving averages (SMA) indicating sell signals. However, the longer-term outlook is more optimistic, with 50-day, 100-day, and 200-day EMAs and SMAs all indicating buy signals. This divergence suggests short-term caution while maintaining a bullish long-term perspective.
Bull Verdict:
Ethereum’s long-term outlook remains optimistic, with longer-term moving averages indicating a buying signal. Traders should consider holding positions or entering new ones around key support levels, particularly if there are signs of reversal and increased buying volume. The current price stability is around $3,500 and the potential for upward movement suggest a bullish trend in the coming weeks.
Bear Verdict:
Short-term indicators for ethereum reflect a bearish sentiment, with recent price trends and moving averages pointing towards continued downward pressure. Traders should be cautious and consider setting tight stop-loss orders around resistance levels, especially if selling volume remains high. The lack of strong momentum and neutral oscillators suggest limited upside potential in the near term.
