Despite the current market consolidation, ETH is still under an overall bullish trend initiated since mid-May. However, the RSI rebounding from the overbought level (above 70) indicates a possible short-term price correction.<\/p>\n\n\n\n
In case, the market decides to pull back, we might see the price retest the support at $3,506 before deciding on the upcoming market bias. A break below this level will put the price at risk of a further decline near $3,024.<\/p>\n\n\n\n
Alternatively, a bullish breakout of the current resistance at $4K will inspire buyers to push the price toward the next resistance near $4,385.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Might Risk Initiating A Downtrend If The Support At $66K Is Broken This Week, ETH Could Retest The Support At $3.5K As The Market Continues To Consolidate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-might-risk-initiating-a-downtrend-if-the-support-at-66k-is-broken-this-week-eth-could-retest-the-support-at-3-5k-as-the-market-continues-to-consolidate","to_ping":"","pinged":"","post_modified":"2024-06-02 22:32:08","post_modified_gmt":"2024-06-02 12:32:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17194","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
On Friday, Ethereum's price was hovering around $3,740, continuing its sideways movement. With $16.66 million in liquidated long holdings and $12.12 million in liquidated short positions, the ETH liquidations data also showed the balance between bulls and bears.<\/p>\n\n\n\n
Despite the current market consolidation, ETH is still under an overall bullish trend initiated since mid-May. However, the RSI rebounding from the overbought level (above 70) indicates a possible short-term price correction.<\/p>\n\n\n\n
In case, the market decides to pull back, we might see the price retest the support at $3,506 before deciding on the upcoming market bias. A break below this level will put the price at risk of a further decline near $3,024.<\/p>\n\n\n\n
Alternatively, a bullish breakout of the current resistance at $4K will inspire buyers to push the price toward the next resistance near $4,385.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Might Risk Initiating A Downtrend If The Support At $66K Is Broken This Week, ETH Could Retest The Support At $3.5K As The Market Continues To Consolidate","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-might-risk-initiating-a-downtrend-if-the-support-at-66k-is-broken-this-week-eth-could-retest-the-support-at-3-5k-as-the-market-continues-to-consolidate","to_ping":"","pinged":"","post_modified":"2024-06-02 22:32:08","post_modified_gmt":"2024-06-02 12:32:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17194","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};