The Ethereum Project token was still trading below the 21-period EMA on the daily chart on Sunday, June 6. It was unable to keep the price above that indicator for a third consecutive session after bulls were rejected near the $2,900 horizontal resistance on June 3.
The week was concluded with a 13.4 percent of growth.
On Monday, the ether was moving up and down the $2,900 – $2,550 range before closing in red at $2,590. The trading volumes were not high enough to ensure a reversal to the upside. What is more, bears were using both the dynamic resistance in the form of the leading EMAs and the horizontals to establish sell walls.
The Tuesday session was no different and ETH dropped further to $2,300 during intraday. However, the lower-boundary of the long-term corridor provided the required stability and the price retraced back up to the $2,500 support at the daily close.
The third day of the workweek came with another re-test of the support area. Buyers were prepared this time and managed to push the price a little higher to close the day at $2,600.
What we are seeing midday on Thursday is the ETH/USDT pair hovering in the $2,500-$2,600 zone.
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