ETH Technical Analysis: $800 Is The Next Target For Sellers

The fight of buyers for the critically important range of $1200-$1300 ended rather quickly. After the range was broken by the 13 June weekly candle, buyers had a whole week to turn things around. During the trading week from 20 June, the ETH price was able to barely test the $1200-$1300 range with no hints of continued growth. To such weakness, since 27 June, it did not take long for sellers to respond. Without much effort, the ETH price updated the local low of the previous week and has every chance to update the low from 13 June. ETH Source: In such a negative scenario, the next price stop is planned near the $800 mark. From this mark, we expect the formation of a price rebound and a retest of $1200. If the dynamics of the rebound will be as weak as during the trading week from 20 June, we will not be able to recommend buying ETH.

ETH Technical Analysis On The Daily Timeframe

TradingView Chart Source: Analyzing the movement of the ETH price on the daily timeframe, it is possible to highlight the most positive scenario for investors. This is a continuation of the consolidation in the range of $1000-$1300. This requires that during the current test of $1000, buyers confidently keep the price of Ethereum. Until the ETH price stabilizes above $1300, it is not safe to buy the cryptocurrency before $800. However, in the case of breaking the $1000 mark and fixing below it on the daily timeframe, it is worth taking a break and not entering the ETH market until the end of the future falling wave.

ETHBTC Price Is Giving Negative Global Signals

ETH Source: The weekly timeframe of the ETHBTC price movement shows a negative signal – buyers losing control over the 0.059 range. This range was the bottom of the consolidation in which the ETHBTC price has moved since May 2021. By breaking the yearly consolidation downwards, sellers have secured themselves a big downside prospect with an final target of 0.038. In addition, the price of ETHBTC has returned to the previous growth channel from which it jumped back in 2021. ETHBTC has now stopped near the middle line of this growth channel. Having tested the range of 0.059 from below, buyers have completely given the initiative to the market. Despite the previous strong fall of ETH, the prospect of a fall at the moment is another 30%. Therefore, we do not recommend investing in ETH until the price tests the liquidity level of 0.038 or buyers take control of 0.059.


Back to top button