2021-6-14 21:09 |
ETH/USD had been showing signs of decoupling from BTC/USD since late April. But the real test was to come when the latter started making significant moves. The last couple of weeks have decisively put paid to any such notions.
Bullish developments in Bitcoin this past week seemed to affect all altcoins adversely, as ETH/USD closed the week at $2,510 in a dark cloud cover pattern, down 7.5% from the previous week.
ETH/BTC broke down from a rising wedge pattern on Wednesday (charted below) and has since continued to slide down, acquiring the breakout target of 0.062 BTC during Asian trading hours on Monday.
ETH/BTC has dropped below 50ma on the daily for the first time since breaking out from a falling wedge at the beginning of April. This is now likely to flip to resistance. An RSI double bottom recovery is something to keep an eye on over the next couple of days. A daily close above the previous swing high would confirm the reversal pattern.
Looking at the ETH/USD chart below, while the primary trend line dating back to January still holds, the pair is currently on shakier ground than it’s ever been in the past few months unless an immediate recovery materializes.
Critically, Chaikin Money Flow (CMF) has turned negative for the first time this year, indicating that sell pressure is outpacing buy pressure and has thus far failed to recover past the 0.20 level, which is often identified as the level used to confirm a decisive reversal.
The immediate target for ETH/USD is to reclaim the 0.236 Fibonacci level and mount another rally to breach 0.382, where the price has already been rejected multiple times. A rejection at the 0.236 level could result in the pair breaking down below the primary trend line, turning the market outlook bearish.
Market Summary Key support levels – $2,250, $2,100 Key resistance levels – $2,600, $2,900 Market outlook – Slightly bearish Ethereum/USD ETHUSD 2,568.2977 $134.84 5.25% Volume 29.29 b Change $134.84 Open$2,568.2977 Circulating 116.29 m Market Cap 298.67 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Ethereum (ETH) Price Trading Analysis June 14; Market Outlook Is Slightly Bearish, Here’s Why first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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