Technical Analysis for ETHUSD for 6th June 2022
Ethereum Upside Limited, ETH Bulls Stand a Chance above $1.7k
Past Performance of ETH
Ethereum prices are racing higher, recovering from 2022 lows of around $1.7k. Bears are still in control despite firm prices and recovery from last week's lows. Traders may find entries to buy the dip at spot rates in anticipation of a recovery. Currently, ETH is up five percent versus the USDT but steady in the past trading week.
Ethereum Technical Analysis
From the daily chart, ETH prices are stable. However, bulls are struggling to print above immediate liquidation levels from the weekly chart. Although last week was bullish, the retracement at the tail end of last week slowed bulls. Traders may find entries to accumulate at current levels provided prices are trading above $1.7k—2022 lows. Conversely, a safer approach for risk-averse traders is to wait for a clean break above May 30 highs or $2.05k. In that case, their immediate target would be $2.2k and, ideally, May 11 highs of $2.45k.
What to Expect from ETH
The immediate trend is bullish, as per the formation in the daily chart. Even though there are hints of strength, prices are moving below the middle BB (a flexible resistance line) and below the $2k line. In subsequent sessions, ETH prices must soak in selling pressure and rise above $2.05k if buyers are to take charge.
Resistance level to watch: $2.05k
Support level to watch: $1.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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