Early in June, Ethereum fell below the $1700 demand zone, and the king of altcoins had no immediate plans to recover. The $1000 band of support has been held for the past month, while the $1300 resistance has not yet been broken. Ethereum Ranging Between $1,000 to $1,200 Although Ethereum seemed to establish a range, it was probably just imitating Bitcoin. The king coin also established a range, and it would need perseverance to traverse the markets without suffering a great deal of loss. ETH/USD hovers around $1k. Source: TradingView Since Ethereum initially began trading on Binance in 2015, there have been two primary ascending lines on the weekly timescale. Prior to the price falling below $1,500, the white line served as support and the yellow line served as resistance. To further emphasize the relevance of the present price in relation to earlier market valuations, the 200-week moving average line (in light blue) is also shown. In a scenario where price moves in favor of the bulls, the price would rise over the MA200, which is located at $1200, and then rebound above the resistance zone between $1300 and $1500 before consolidating above $1700 and breaking the white trendline. However, it appears to be a challenging mission given the uncertainties in the macro picture brought on by the potential for a recession and a lack of liquidity. Related reading | Uniswap Reports Phishing Scam, As UNI Records 10% Profit I...
