This is the next declining goal for ETH bears when $ 1.7,000 (Ethereum price analysis)
This is the next declining goal for ETH bears when $ 1.7,000 (Ethereum price analysis)
The price of Ethereum recently fell below the sliding 100-day average, which led to a decline in the direction of the important support area of around $ 1.7,000.
It is of crucial importance to monitor the price development in this important area exactly, since it can give a clear indication of the next price movement of the ETH.
Technical analysis of the Ethereum Prize
from Shayan
The daily chart
Ethereum fought over a longer period of time to break through the sliding 100-day average, but finally broke out on June 10th, which indicates medium-term prospects.
However, the ETH price has reached the significant support area at $ 1.7,000, where the downward dynamics have stopped, which leads to a stable price movement at this level. If the sales pressure stop and lead to a further decline under this support area, the next goal of the bears would be the sliding 200-day average at $ 1,625.
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The 4-hour diagram
On the 4-hour chart, the price finally fell under the lower trend line of the channel and has reached the main support zone at $ 1.7,000. It has a significant psychological value because it supports the price since March 2023.
If you consider that the RSI indicator is currently in the area of the oversized area, there is the possibility of a decline in price towards the lower trend line of the channel before the next movement is initiated. However, if the level of $ 1.7,000 successfully prevents a further decline and triggers an upward rally, the next goal for Ethereum would be the resistance range of $ 2,000.
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on-chain analysis
from Shayan
This graphic illustrates the key figure of Ethereum stock exchange reserves for bony and coinbase exchanges in relation to the price of Ethereum. The Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance and Coinbase, which triggered considerable fears on the market.
In response to this development, investors have deducted around $ 1.43 billion from the Krypto exchange Binance and its US subsidiary due to the regulatory measures. Binance recorded net drains from crypto tokens worth $ 1.34 billion on the Ethereum blockchain, while his US subsidiary Binance .us recorded net drains of $ 70.8 million. Even at Coinbase, there were significant drains due to the prevailing uncertainty among market participants. As a result, the key figure of the ETH exchange reserve has dropped significantly on both stock exchanges, which underlines the fear and uncertainty, which was triggered by the conflict between the second, bony and coin base. Cryptoquant
.