Technical analysis of ETH/USD for June 05, 2022.

Technical market outlook of Ethereum (cryptocurrency) :

Trading Ethereum (ETH/USD) :

Ethereum is at an all-time lowest against the dollar around the spot of $1,704 - Ethereum is inside in downward channel. Since three weeks ETH/USD decreased within an down channel, for that Ethereum hits new lowest $1,741 and $1,704. Consequently, the first support is set at the level of $1,741. Hence, the market is likely to show signs of a bullish trend around the area of $1,741 and $1,7040.

ETH/USD - Ethereum US Dollar Crypto Chart

analytics629ccbe850f2a.jpg

Moreover, if the ETH/USD fails to break through the support prices of $1,741 and $1,7040. today, the market will rise further to $ 3,795 so as to try to break it. Ethereum is one the best overall investment for 2022.

However, if you want to try to improve the growth of Ethereum, thus it seems great to buy above the last bearish waves of $1,741 and $1,7040. Buy orders are recommended above the majors sypport rates of ($1,741 and $1,7040) with the first target at the level of $1,859.

Furthermore, if the trend is able to breakout through the first resistance level of $1,859. We should see the pair climbing towards the next target of $1,895 (to test the 61.8% of Fibonacci retracement levels).

The pair will move upwards continuing the development of the bullish trend to the level $1,895 - golden ratio 61.8%. It might be noted that the level of $2,014 is a good place to take profit because it will form a new double top in coming hours.


Trading analysis offered by RobotFX and Flex EA.
Source

0 Comments