Ethereum Price Analysis: May 30 - June 8

Don’t miss the weekly price analysis for Ethereum and Ethereum Classic. Ethereum price continues its long-term growth. What are the targets of the current uptrend?
Don’t miss the weekly price analysis for Ethereum and Ethereum Classic. Ethereum price continues its long-term growth. What are the targets of the current uptrend?

Ethereum price continues its long-term growth. What are the targets of the current uptrend?

USDT\ETH

Long-term growth continues

After a powerful fall at the end of May, from a technical standpoint, it’s safe to say that the minimal correction targets for the entire long-term trend have been achieved. The decisive point for the price was at $170. That mark is where the future trend was determined.

ETH/USD chart

Demand growth

Regardless of the fact that the price dropped by almost 50 percent, the demand keeps growing. Thus, the prevalence of demand near $170 allowed Ethereum price to maintain its long-term upward trend. After the sellers appeared at the peak of the upward trend in the $200 - $220 area, Ethereum has entrenched, forming a new key level at $210. That strategic target is important because if it is protected by large buy orders, a fall below that mark is unlikely. Because of that, if Ethereum price forms a correction by reversing at $240, the most likely peak of that correction will be at $210. If demand grows at that level, the uptrend is likely to continue.

Reversal for a long-term downward correction

An alternative scenario with a new deep fall can not yet be ruled out. If the demand at $210 is not high and the supply keeps growing, then a fall will be inevitable. The minimal targets of such a fall will be near the area of long-term resistance of $160.

ETH/USD chart

USDT\ETC

Upcoming volatility growth?

Ethereum Classic price is hovering inside a narrow flat between $15 and $20, following a powerful fall. The fact that the coin has been traded inside a narrow range leads to the situation heating up. Usually, protracted flats are followed by periods of volatile growth. If the ETC price keeps growing, it will stand a chance to pass the peak of the upward trend at $22.

ETC/USD chart

Opinions have split

The balance between supply and demand is indicative of the price movement nature. As we can tell by looking at the diagram below, the levels of supply and demand have been basically equal during the entire flat, which is exactly what’s causing this sideway movement. Starting from June 4, we can see some growth in demand, which might cause an upward price impulse. A technical level near $16 is important because that’s where the majority of sellers might become active. If a downward reversal doesn’t take place at that mark, and the demand keeps steady, the price will continue growing beyond $22.

ETC/USD chart

Most likely scenarios

ETH\USDT

If there’s price correction to $210 point and no downward reversal, the price is likely to grow.

ETC\USDT

If there’s no change in demand level and no downward reversal at $16, an upward impulse beyond $22 will probably take place.