Ethereum Technical Analysis – The bulls are watching these support levels

Following the news of BlackRock’s submission for a
Bitcoin ETF on June 15th, Ethereum mirrored the surge in value of Bitcoin, rallying
from the 1620 level to the 2029 high. Despite the uncertainty in the interest
rates expectations and the regulatory crackdowns in recent weeks and months, Ethereum’s
resilience remains noteworthy. However, the rejection from the 2029 high and
the selloff into the 1823 level despite the positive risk sentiment in the
markets, might be a bad omen for the bulls.

Ethereum Technical Analysis
– Daily Timeframe

On the daily chart, we can see that the price got
rejected from the 2029 resistance and
pulled back to the recent swing low at 1823 level and the 50% Fibonacci retracement level.
This is where the buyers should start to pile in with a defined risk below the
level and target a breakout of the 2029 resistance. Alternatively, the buyers
may wait for the price to come all the way down to the trendline where
they will have an even better risk to reward setup.

Ethereum Technical Analysis
– 4 hour Timeframe

On the 4 hour chart, we can see that we had a big divergence with the
MACD with the
last push into the 2029 high. This is generally a sign of weakening momentum
often followed by pullbacks or reversals. In this case, we got a pullback into
the 1823 support where we are likely to find the buyers. More conservative
buyers may want to wait for the price to break above the downward trendline to
pile in and target the 2029 resistance.

Ethereum Technical Analysis
– 1 hour Timeframe

On the 1 hour chart, we can see that we
have a support area at 1852. A break below the level should see more sellers
piling in to target the 1816 support. Alternatively, if the price were to rally
from here, the sellers may lean on the trendline and the 61.8% Fibonacci
retracement level with a better risk to reward setup and target the 1816

Upcoming Events

Today, the Fed is expected to hike by 25
bps, but the market will be more concerned with hints about the next moves.
Tomorrow, we will see the latest US Jobless Claims report where a big miss
should weigh on the risk sentiment and take Ethereum lower, while a big beat
should support the price in the short-term. We conclude the week with the US
PCE and ECI reports on Friday where the market is likely to focus more on the
wages data given the tightness in the labour market.



This article was written by FL Contributors at Source