Cryptocurrency Scholar: June 7 Ethereum Latest Market Analysis and Trading Suggestions

Ethereum is currently priced at 1555, and the daily K-line has broken through the key support level. All EMA moving averages are aligned downward, and the price continues to operate below the moving averages, solidifying the downtrend. In the MACD indicator, DIF and DEA are consistently declining, and the green bars are continuously expanding, showing no signs of weakening downward momentum. The Bollinger Bands are opening downward, the price has breached the lower band, and is in an oversold state. There is a short-term technical rebound demand, but the 78.6% Fibonacci resistance level near 2148 is relatively strong, limiting the rebound space, with 1384 being a strong support level.

The four-hour K-line continues to decline along the downward channel, with the lower Bollinger Band extending downward. The price is constantly running along the lower band, with strong downward momentum. EMA moving averages are aligned downward, and the distance between short-term and long-term moving averages continues to expand, with no significant slowdown signs in the downtrend. The MACD green bars are continuously enlarging, and DIF and DEA are in a downward trend below the zero axis, showing no signs of a reversal. The short-term support is around 1503, while the resistance is near 1730; the likelihood of a rebound being suppressed by moving averages is high.

Short-term Reference:

Sell down from 1620 to 1660, stop-loss at 1690, target at 1570 to 1500.

Buy up from 1510 to 1470, stop-loss at 1430, target at 1570 to 1620.

To be honest, in the current market, the risk of bottom fishing is much greater than shorting. Many people keep thinking, “It has dropped so much, it should go up now,” and end up being educated by the market time and time again. Rather than betting on a rebound, it is better to follow the trend; although the profits from shorting may not be explosive, they are at least stable. In the cryptocurrency circle, the safety of the principal is the top priority.

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