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Technical Analysis for ETHUSD for 27th June 2022

Ethereum Gains 14%, ETH May Rally to $1.7k

Past Performance of ETH

Ethereum is printing higher highs relative to the lower BB. At spot rates, prices are steady in the last trading day and up double digits week-to-date. Technically, ETH prices could rise in subsequent trading sessions, especially if there is a solid close above the middle BB and $1.25k liquidation level.

Ethereum Technical Analysis

From the daily chart, buyers are in control, edging higher in a possible retest. As ETH bottoms up, there must be a solid close above $1.25k and the middle BB with rising trading volumes. Based on the formation in the daily chart, aggressive traders may find loading opportunities on every dip above $1.1k. Any close below $1.1k may pour cold water on the upsides, slowing down buyers. Conversely, any close above $1.25k with an uptick in trading volumes may pump ETH towards $1.7k in the medium term.

What to Expect from ETH

Although prices are inching higher, ETH is technically in a bear breakout formation, provided prices are below $1.25k and the middle BB. A correction below last week's key reaction points will slow down bullish advances.

Resistance level to watch: $1.25k

Support level to watch: $1.1k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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