ETH/USD daily chart

ETH/USD daily chart

Gate Trade Ethereum Tuesday, June 16, 2020 413 0

Ether (ETH) broke below the ascending channel on June 11. Unlike previous breakdowns (marked as ellipses on the chart), the bulls could not push the price back into the channel and sustain it.

 

There is a minor support at the 50-day simple moving average ($217) below which the decline can extend to $196 and then to $176.112.

 

On the other hand, if the ETH/USD pair bounces off the 50-day SMA and sustains above $225.783, it will signal strong demand at lower levels. That could result in consolidation between $253.556–$225.783 for a few days.