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ETH: bearish downside

2023-06-01
779
Fundamental analysis:

Ethereum maintained a shock around 1861. According to Lookonchain monitoring, the address starting with 0x2ce9 marked as OffchainLabs by Nansen transferred 9524 Ethereum (worth about $9.16 million) to the zkSync chain, and then distributed to a large number of new addresses through the transfer address starting with 0x8882 Ethereum.

Ethereum ETHUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high short-term dynamics are oscillating downward. Although the short-term decline has weakened, the downward trend is good, and the bearish sentiment remains. The MACD indicator is in the bullish area and moves downward, and the RSI indicator is hovering around the 50 balance line;

Resistance level: 1882 1899

Support level: 1845 1831

Trading strategy: bearish below 1868, target 1845 1831
Alternative strategy: call above 1868, target 1882 1899

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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