Based on the results of Whitebit crypto exchange users, today we make a prediction on the cryptocurrency ETH.
The third week of trading ETH cryptocurrency is adding intrigue to its investors. On the one hand, we can see that buyers manage to slow down the pace of ETH price decline. On the other hand, there is no hint of a rebound yet. Trading volumes in the last weeks of trading are a bit higher than usual. But there are no sales culminations on the chart of ETH yet.
In such a debatable situation we should consider two scenarios as the main one. The first one, which is more negative, is a renewal of the local lows of ETH from May-June 2021. In that case, the majority of buyers, who have been gaining positions on ETH all year long, will have their stop orders triggered en masse. It’s hard to imagine how much the price will fall from that. However, limit orders in the $1200-1400 range should stand in order not to miss likely discounts in the ETH market. The goal of such a medium-term trade is the $2500 mark.
ETH cryptocurrency on a smaller timeframe
However, what to do if the sellers do not have enough strength without a deep correction of the ETH price upwards to continue the fall? On the 6-hour timeframe we see that the last local wave of ETH fall is moving in a wedge. In case the local low of June 7 is updated, the price of ETH should find resistance in the form of limit buy orders. If trading volumes increase and volatility decreases at that time, it will be a signal to enter a position in the $1700 range. Note that the stop order is short. In our opinion, there is no point in risking more in such a market, as buyers do not show strength. In case the price of ETH breaks through the $1686 mark, it may continue to fall with the next target of $1600. This is the last point from where buyers will still have a chance to form a growth wave. The first local target for the buyers on the 6 hour timeframe is $1985.