Ethereum (ETH) is in a downtrend on the 2-hour price chart and it is declining towards the $1,830 support level.
If the ETH price reverses from the $1,821-1,800 range, it can continue upwards to the $1,930 level.
Long confirmation should be sought when ETH approaches the designated support range, and a candlestick close below the $1,790 level can act as a stop-loss level.
When we check the price chart of Ethereum, we observe that it is in a downtrend and is dropping towards the support level of $1830. If ETH reverses from the specified support range, it can continue its upward movement.
Medium-term Ethereum price analysis
8-hour ETH/USD price chart
When looking at Ethereum’s 8-hour price chart, it can be seen that the designated important resistance area is located at the $1892 level.
However, the decline occurred as the ETH price failed to achieve a daily candlestick close above the $1,892 level specified in the analysis. Currently, ETH is trading at around $1,847.
According to the technical analysis, when checking Ethereum’s chart, it is observed that it is approaching an important support area at the $1828 level. If ETH holds the $1828 support, it can start an upward move towards the $1937 level.
However, if ETH manages a 4-hour candlestick close below the $1,828 level, it can extend its downtrend to the $1,805 level.
If the Ethereum price suddenly declines below $1,779, a downside move towards the $1,740 level could be possible.
Short-term ETH price analysis
2-hour ETH/USD price chart
When checking the 2-hour price chart of Ethereum, it is observed that it is in a downtrend and is declining towards the $1,830 support level.
If the price of ETH reverses from the $1821-1800 range specified in the analysis, it can continue its upward move towards the $1930 level.
Therefore, it is important to look for long confirmations when the ETH price approaches the designated support range. A candlestick close below the $1,790 level can serve as a stop-loss level.
However, if Ethereum price manages a 2-hour candlestick close below the $1,800 level, it could signal a continuation of the downtrend.
The strong reaction in Bitcoin prices following the SEC’s lawsuit against Binance and Coinbase may have come as a surprise to many. Generally speaking, a price increase on negative news is a strong sign that sellers are losing momentum and a bottom is near.
However, there is still some anxiety lingering in the market right now as far as the Bitcoin price is concerned, which could mean another, possibly final, drop. For example, it is unclear whether the U.S. Department of Justice (DOJ) will also take legal action against Binance, and what impact this would have on Binance’s international operations.
The bullish argument for Bitcoin is growing
Nevertheless, bullish signals are strengthening. As Glassnode co-founders Jan Happel and Yann Allemann wrote in their latest analysis, Bitcoin’s Bollinger Bands pretty much reflect the current state. On the 1-day chart, BTC price remains in the accumulation zone, between the lower band and the 20-day moving average.
This suggests that this is still a good entry point,” said the co-founder of the leading on-chain analytics service. Meanwhile, referring to the chart below, the analyst warned that traders should watch out for the widening of the bands, which could signal higher volatility to come, which could lead to sudden moves.
Looking at Bitcoin’s open interest, Allemann and Happel say that despite the strong reaction to bad news, there is no clear direction:
We believe prices will continue to consolidate along with open interest until we get closer to the FOMC and the market starts to position for expected output.
It is worth noting that next week’s Fed meeting (June 13-14) will be the first in many years where there is no clear consensus on the interest rate decision. Since the Fed began raising rates, there has been a clear consensus at every meeting.
Futures indicate a 30% chance of a rate hike and a 70% chance of no rate hike. The lack of clarity could also lead to greater volatility in BTC prices ahead of the decision.
BTC recently retested the 200-week moving average (MA) at $25,306, but supply liquidity is somewhat thin here. Additionally, if prices fall again, it would be very interesting to retest the 50-month MA at $25,898, where liquidity and sentiment appear to be stronger.
It is worth noting that BTC has formed a double bottom at the 50-month MA. A triple bottom would be bullish. On the other hand, a break below the 200-month MA would open the way for a bear market.
In this regard, BTC has several very important days ahead of it in the coming weeks. Defending the above price levels is crucial. If held, the next step could be a journey to bull heaven, but bulls need to turn things around on the shorter timeframes.
