ETH/USD daily chart

ETH/USD daily chart

Gate Trade Ethereum Saturday, June 20, 2020 374 0

Ether (ETH) is currently consolidating between $225.873 and $239.35. The 20-day EMA ($232) has flattened out and the RSI is close to the midpoint, suggesting a balance between supply and demand.

 

A break below $225.783 and the 50-day simple moving average ($219) will tilt the advantage in favor of the bears. The next support on the downside is $196.875 and then the critical level of $176.112.

 

Conversely, if the second-ranked cryptocurrency on CoinMarketCap rebounds off the current level and breaks out of $239.35, a move to $253.55 is possible. Above this resistance, the momentum is likely to pick up and the next level to watch out for is $288.599.

 

While in a range, it is difficult to predict which way the breakout will happen. Therefore, it is best to wait for the price to start a trending move before initiating any trades.