empty
 
 
10.06.2021 05:21 PM
ETH/USD Still Under Pressure

Ethereum increased a little from 2,306.02 low and now is located at 2,542.47 level. Unfortunately, the selling pressure remains high as the price stands below strong resistance levels.

ETH/USD moves somehow sideways in the short term, so we have to wait for something before deciding to go long. Personally, I believe it's risky to go short from here as the crypto market could increase again after the last drop.

ETH/USD Undecided!

This image is no longer relevant

ETH/USD is trapped between the weekly pivot point (2,623.81) and the S1 (2,359.30). The selling pressure is high as long as it stays below the downtrend line. So, only a potential valid breakout above it could announce a potential growth.

The price could drop if the price of Bitcoin drops as well. Technically, the price could decrease a little to test and retest some support levels before really developing a new leg higher.

Ethereum Forecast!

Dropping and closing below the S1 (2,359.30) could signal a further decline towards 2,040.62.

On the other hand, closing above the pivot point (2,623.81) could signal a potential upside breakout through the downtrend line. A new higher high, a bullish closure above 2,850 could signal a breakout through the 3,000 level.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback