Ethereum Technical Analysis Report | 7th-June-2022

Ethereum, the second largest coin in the crypto world has had a good start this week but is  trading with about 6% fall since the last 24 hours. With macro dangers led through the Federal Reserve’s hawkish policies, coupled with a careful outlook across the DeFi sector, Ether might decline in June, but the bulls are pushing the price to the resistance level of $1,930. If this happens the asset will gain momentum.

At the time of writing, ETH was trading at $1,755.

ETH is trading in a downtrend over the past nine weeks and made a low of $1,703. Post making the low, the asset is consolidating between $1,750 to $2,050. Technically, on a weekly time frame, ETH has made a ‘DOJI’ candle at the key support level of $1,700 (Previous low of ‘Double Bottom’ pattern) and its 200 Day Moving Average indicating indecisiveness in the trend. If it holds and sustains above the support then we can expect an up-move. However, to witness a rally, ETH needs to trade and close above $2,150 whereas a break or close below $1,700 will lead to further downfall.

Support 2Support 1AssetResistance 1Resistance 2

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