Ethereum, the second-largest cryptocurrency in the crypto world, has seen a positive start to the week but has experienced a 6% drop over the past 24 hours. The Federal Reserve’s hawkish policies and a cautious outlook in the DeFi sector could cause Ether to decline in June. However, the bulls are pushing Ether up to $1,930 resistance. This will lead to Ether gaining momentum.
At the time this article was written, ETH was trading for $1,755.
ETH has been trading in a downtrend for the past nine weeks. It reached a low of $1703. The asset consolidates between $1,750 and $2,050 after making its low. Technically, ETH made a DOJI’ candle at the key support level $1,700 on a weekly basis (previous low of the ‘Double Bottom pattern) and its 200-day Moving Average, indicating indecisiveness within the trend. We can expect an upward move if it holds above the support. To witness a rally, ETH must trade above $2,150, while a break below $1,700 or close below it will result in further decline.
Support 2Support 1AssetResistance 1Resistance 2$1,500$1,700ETH$2,150$2,400
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