Ethereum 360 #13: 21st June 2021
Hello everyone, it’s time for another Ethereum 360! Today will be mainly technical analysis. Let’s get stuck into this price crash – not everyone can get their head around it! Enough chit-chat, let’s go!
To begin with, let’s take a look at the fear and greed index. No surprise, it is 31, a sign of fear among investors. However, it is moments like these that offer great opportunities in the long term. For the short term, it clearly reflects the bear market we are in.
If we look at the daily, we can see that ETH is middling. For buyers, this area is interesting. You know me, I like to see bullish green candles in the buy areas to be sure that we won’t go down further. Here, this is not necessarily the case!
Then, we formed a range, gradually breaking down, but support still holds for the moment. The next few hours are going to be interesting for all cryptocurrencies! When we take a look at the volumes, they are gradually increasing, and may allow the price to break support. We’re not there yet, but let’s keep that in mind.
On the four-hourly, the range is clearly visible. We are near the bottom, but also resting on support. An Order Block (OB) is clearly visible and marks the last high point, a break would be the first step towards a trend reversal in the short term.
As long as this point holds, the trend is clearly bearish.
As for the short term, the trend is clearly defined: bearish. To find a short opportunity, use the Fibbonacci retracement tool.
A return to the 61.8% or 71% could be on the cards before another bearish wave.
That’s it for today, hop to see you in the next one! Keep researching, happy trading, and see you next time on CoinTribune! If you have any feedback, do not hesitate to let me know directly on my Twitter: akinabourse
Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017. Beyond trading and investing, I try to democratise, in my own way, the ecosystem that will undoubtedly change our habits in the future!