Ethereum

Reserve Dollar

Daily

<p>Ethereum&#8217;s price has recently broken below the 100-day moving average, resulting in a decline toward the significant support region of around $1.7K.</p>
<p>It is crucial to closely monitor the price action in this important area as it may provide a clear indication of the next movement of ETH&#8217;s price.</p>
<h2 id="ethereum-price-technical-analysis">Ethereum Price Technical Analysis</h2>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Ethereum had been struggling to breach the 100-day moving average for a prolonged period but has finally broken below it on June 10th, indicating a bearish outlook for the mid term.</p>
<p>However, the ETH price has reached the substantial support region at $1.7K, where the bearish momentum has halted, leading to a stable price action at this level. If selling pressure persists and causes a further decline below this support region, the bears&#8217; next target would be the 200-day moving average at $1625.</p>
<figure id="attachment_254820" aria-describedby="caption-attachment-254820" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254820 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-scaled.jpg" alt="eth_price_chart_1206231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254820" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, the price has finally dropped below the lower trendline of the channel and reached the major support zone at $1.7K. It holds significant psychological value as it has been supporting the price since March 2023.</p>
<p>Considering that the RSI indicator is currently around the oversold section, there is a possibility of a price retracement towards the lower trendline of the channel before initiating the next move. However, if the $1.7K level successfully prevents further decline and triggers a bullish rally, the next target for Ethereum would be the $2K resistance region.</p>
<figure id="attachment_254819" aria-describedby="caption-attachment-254819" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254819 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-scaled.jpg" alt="eth_price_chart_1206232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254819" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h2 id="on-chain-analysis">On-chain Analysis</h2>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<p>This graph illustrates the Ethereum Exchange Reserves metric for Binance and Coinbase exchanges in relation to Ethereum&#8217;s price. Recently, the Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and Coinbase, which has generated significant fear within the market.</p>
<p>In response to this development, investors have withdrawn approximately $1.43 billion from the Binance crypto exchange and its U.S. affiliate following the regulatory actions. Binance experienced net outflows of $1.34 billion worth of crypto tokens on the Ethereum blockchain, while its U.S. affiliate, <a href="http://binance.us/" data-wpel-link="external" target="_blank">Binance.US</a>, recorded net outflows of $70.8 million. Coinbase has also witnessed substantial outflows due to the prevailing uncertainty among market participants.</p>
<p>Consequently, the ETH Exchange Reserve metric has undergone a notable decrease for both exchanges, underscoring the fear and uncertainty triggered by the conflict involving the SEC, Binance, and Coinbase.</p>
<figure id="attachment_254837" aria-describedby="caption-attachment-254837" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254837 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-scaled.jpg" alt="eth_binance_coinbase_reserves_chart_1206231" width="2560" height="1062" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-300x124.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-1024x425.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-768x319.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-1536x637.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-2048x850.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-50x21.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254837" class="wp-caption-text">Source: CryptoQuant</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/this-is-the-next-bearish-target-for-eth-bears-if-1-7k-falls-ethereum-price-analysis/" rel="nofollow">This is the Next Bearish Target for ETH Bears if $1.7K Falls (Ethereum Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

This is the Next Bearish Target for ETH Bears if $1.7K Falls (Ethereum Price Analysis)

목차

CryptoPotato_News

2023년 6월 12일에 게재된 다른 기사

Faruk Fatih Özer, Main Suspect in Thodex Incident, Denies All Accusations in Court

SEC Lawsuits Shake Confidence: DWF Labs Moves Millions to Exchanges, Impact on Altcoins

Russian and Iranian Crypto Sectors in Cooperation Talks

Bitcoin’s SOPR ratio suggests strong interest as price recovers

Track Crypto Whale Trades with DexCheck.ai: Uncover Insights and Stay Alerted on Telegram!

Pavia, the first Cardano-based metaverse

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!