Ethereum range meltdown breaks below $2,500
Ethereum is up nearly 1.50% in the day at press time, after a decline of over 7% on Thursday, breaking below the 200-day EMA at $2,460, which had acted as the lower boundary of a consolidation range.
ETH’s intraday growth on Friday creates a bullish candle and attempts to reclaim the dynamic support to nullify the breakdown, as previously seen on May 18 and May 19. However, the previous closing prices were bound within the price range, marking this potential attempt as a bear trap.
Similar to Bitcoin, the momentum indicators project increased downside risk as the MACD and its signal line remain in a freefall, while the RSI at 48 prolongs the declining trend below the halfway line.
If Ethereum bounces above the 200-day EMA at $2,460, it could rise towards the range’s upper ceiling near $2,700.
