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2 June 2023
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Ethereum Price Analysis and Forecast – Ethereum Faces Uphil Task to Break Above Resistance

Ethereum witnessed a major slump in previous weeks that saw it’s price go to $218 but made quick bits of recovery to trade above the last supper level at $230. After it witnessed a big breakdown on June 2, the digital asset continued to make small bits of decline from its previous $252 resistance level. Currently, the coin has witnessed a massive decline but it is still above the support line of the ascending channel. If Ethereum is to make any bullish run, it must be prepared to break the resistance at $238 and $240 to make an upward trend.

Ethereum could move in a bearish pattern

In case the bullish run happens, the coin will have enough reason to propel and rise above the $250 and $255 price level. The most interesting fact is that once the coin moves above the $255 mark, it would make a massive surge that will only stop at $288. The new movement would pull the coin completely out of the bearish run that it has been. If the buyers fail to trigger a break above the resistance level, then the asset will move in a bearish run to move to the $230 and $232 support levels. If the hears further continue, then the digital asset will witness a bear run that could stop at $224 and $220 support level.

Ethereum movement technical indicator

Currently, Ethereum is having a big obstacle to surmount as it has failed on different attempts to break past the 12-day EMA and the 26-day EMA. Once it can overcome the EMA, it will assume a movement in an upward position. On a downside, if the price breaks and closes below the support line of the ascending channel, the market will record moves in a downward trend, which could reach $220 or $200 level. The EMA is currently showing a slope upward, which could trigger a bull run for the coin in the market. The market is now above 40% of the daily stochastic level, which means that Ethereum is about to make a bullish movement in the coming weeks. 

Analysts have noted that the recent trend could mean that Ethereum is facing its most uphill task of breaking above the resistance. They said that only the buyers can pull the digital asset in the bullish trend. Further neglect could possibly mean that the coin would still fail to break past the resistance in the coming weeks, they noted.

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