Cryptocurrency Ethereum has been moving sideways for the last few days. Trend according to the Ichimoku cloud indicator remains bearish. Price is below the Kumo (cloud) while price may have formed a bearish flag formation.
Resistance is at 472$ while support is at 440$ by the upward sloping red channel. Bulls need to continue making higher highs and higher lows and eventually a break above the cloud resistance at 512-560$. As long as price is below the cloud, bears will be under control of the trend. Short-term resistance at 470-480$ if broken could give Ethereum a push higher towards 510$ which is the first important resistance level.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.