Currently, the price of Ethereum is facing bearish market trends but, there are chances that bulls break out at this stage and price reach two hundred and eighty-nine dollars ($289) but there is a good chance that the ETH price may fall back to two hundred and fifty dollars mark ($250).
The ETH/USD medium-term price analysis shows overall bearish patterns for this pair. The supply zone ranges are above two hundred and fifty dollars ($258, $289, $318) and the supply areas start from above one hundred dollars ($225, $191, $102).
On June 3, the price of pair rallied between two hundred and fifty-eight dollars ($258) and two hundred and twenty-five dollars ($225). The price remained the same until June 9, when bears pull the price at the level of two hundred and twenty-five dollars ($225).
However, after some time the price surged again. Currently, the price is trading between 21 periods and 50 periods EMA. The signal lines are pointing towards buying signals. Some strong surging momentum is required at this point to move the price up to the level of two hundred and eighty-nine dollars ($289).
The ETH/SUD short-term analysis of price also indicates bearish trends. As described, that on June 9, there was depreciation of price that caused the bulls to exert some pressure at this point to stabilize the momentum of the pair.
The bulls could only make slight changes and pushed the price to two hundred and fifty-eight dollars ($258). Now, there is a reversal of the price to the south. The signal lines are pointing towards buying signals.