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Ethereum Price Analysis ETH / USD: Crisis Averted, $500 Target

Ethereum has avoided the dark side and is drifting back upwards.

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  • Ethereum has a bullish short-term trading bias, with the ETH / USD pair testing towards key upside resistance
  • The four-hour time frame continues to show a valid bearish head and shoulders pattern
  • The daily time frame shows a large bullish pattern with an upside target close to the $500.00 level

Ethereum / USD Short-term price analysis

Ethereum has a bullish short-term trading bias, with the cryptocurrency recovering back towards critical resistance on the four-hour time frame.

The four-hour time frame shows that a bearish head and shoulders pattern is close to completion, with ETH / USD bulls working hard to invalidate the bearish pattern.

Technical indicators across the four-hour time frame have turned bullish and continue to issue a buy signal.

SIMETRI Research

 

ETH / USD H4 Chart June 13, powered by TradingView
ETH / USD H4 Chart by TradingView

 

Pattern Watch

Traders should note that if the bearish head and shoulders pattern is invalidated the ETH / USD pair could start to target towards the $330.00 level.

Relative Strength Index

The RSI indicator on the four-hour time frame is bullish, although it is now approaching overbought territory.

MACD Indicator

The MACD indicator on the four-hour time frame is bullish and continues to issue a strong buy signal.


Ethereum / USD Medium-term price analysis

Ethereum still has a bullish medium-term trading outlook, with the ETH / USD pair testing towards major trendline resistance on the daily time frame.

The daily time frame continues to show a valid inverted head and shoulders pattern, with the upside projection of the bullish pattern located close to the $500.00 level.

Technical indicators on the daily time frame are mixed and are currently failing to issue a conclusive trading signal.

 

ETH / USD Daily Chart June 13, powered by TradingView
ETH / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that the daily time frame shows that the $325.00 levels offers the strongest form of technical resistance above the $300.00 level.

Relative Strength Index

The RSI indicator is attempting to turn bullish on the daily time frame as medium-term upside pressure once again starts to build.

MACD Indicator

The MACD indicator on the daily time frame is conflicted and is failing to issue a clear trading signal.


Conclusion

Ethereum has staged a strong recovery from neckline support on the four-hour time frame, with bulls now needing to breach the $280.00 level to negate short-term bearish pressure.

The daily time frame continues to show the $500.00 level as a valid upside target, with the $325.00 level offering interim resistance if a technical breakout occurs above the $300.00 level.

 

Check out our introductory guide to Ethereum.

 

Ethereum Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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The Analyst Team
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