Published June 11, 2022
The ETH price has witnessed an aggressive sell-off approaching the weekend, losing 15% in the last two days. As a result, the falling price has breached crucial yearly support of $1715-1675, suggesting another leg down for the altcoin. Moreover, the @BXrekt today tweeted regarding a massive long liquidation of $3,908,000 on ETH/USDT at an average price of $1539.95.
The ten consecutive red candles on the weekly time frame chart reflect the aggressive selling Ether price has witnessed during the past two months. From the April 3rd high of $3573, the altcoin has tumbled 57.5% as it reached its current level of $1504.
However, since mid-May, the downfall is responding to a descending trendline, restricting the buyer’s activity to a certain limit. Additionally, on June 10th, the ETH price breached yearly support of $1715-1675, indicating the continuation of the prevailing downtrend.
Today, the ETH price is down by 9.5%, offering an excellent follow-up for the support breakdown. However, in case the altcoin reverts to retest the descending trendline and flipped resistance of $1675, the traders may find another entry opportunity to short-sell the coin.
The expected downfall should find the next significant support levels at $1400 and the aligned support of $1100 and 0.786 Fibonacci retracement levels.
The current price drop plunged below the weekly 200 EMA, threatening a loss of important support level for ETH holders. Furthermore, a weekly closing below this EMA would encourage additional selling in the market.
However, the weekly-RSI slope is on the verge of dropping into the oversold region, indicating the sellers might have extended the downtrend. Thus, responding to this overselling, the altcoin may experience a minor pullback
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