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6 June 2023
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Ethereum Price Forecast: $240 A Mirage As Long As ETH/USD Remains In Andrews Pitchfork Lowest Channel

  • Ethereum’s failure to contain gains above $235 pokes holes in the potential for gains above $240.
  • ETH/USD will continue with the bearish inclination as long as the price stays in the lowest channel of the pitchfork.

Ethereum is fighting tooth and nail to push the resistance at $235 and $240 in the rearview. However, selling activities at these two zones is not about to give the bulls an easy pass. Earlier this week, Ethereum dived under $220, trading a monthly low at $218. Recovery ensued as buyers took advantage of the lower price level. Ether stepped above $230 but bulls have not been able to make any significant gains above $235. The hurdle at $240 remains intact even as support at $230 is constantly battered.

ETH/USD 4-hour chart

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ETH/USD price chart
ETH/USD price chart by Tradingview

At the time of writing, Ethereum is trading at $233. There was a break into the middle channel of Andrew’s pitchfork. However, the momentum lost steam before the midline was tested. A bearish reversal forced the bulls back in the lowest channel (blue). For this reason, the path of least resistance remains downwards. As long as Ether is stuck in this lowest channel, expect the sellers to be the dominating factor.

Consequently, the MACD confirms the bearish biased trend. Besides the indicator featuring a vivid bearish divergence, is also sloping downwards as a signal for a strengthening sellers’ grip. On the other hand, the RSI has slowed down the downtrend and is seeking balance above the midline (50). This means that selling activity is gradually slowing while giving way to consolidation. It is apparent that a breakout above $235 and $240 respectively would open the road for gains above $250.

Ethereum Intraday Key Levels

Spot rate: $233

Relative change: -0.4347

Percentage change: -0.17%

Trend: Bearish

Volatility: Low

High: $234.48

Low: $232.40

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