Lokesh Gupta
15-06-2024
Bitcoin's decline over the week has put downward pressure on #Ethereum amidst market volatility.
Following approval of an Ethereum Spot ETF, $ETH surged to $3972 from $3000, but retraced to $3428 recently.
A drop below a bullish flag invalidated short-term bullish sentiment for Ethereum.
#Ethereum broke out of a ranging channel on May 20th, suggesting potential support at a noted demand zone.
The anticipation of an Ethereum spot $ETF, along with rising implied volatility and bullish on-chain metrics, shapes Ethereum's summer outlook.
Yesterday, a Long Doji candle formed, signaling a potential bullish comeback.
According to Coingabbar Prediction, To turn bullish, Ethereum must exceed $3560 and break out of its downward channel, targeting resistance at $3700 and $3820.
Failure to surpass the $3560 resistance could lead to a correction towards $3400 and $3350 for Ethereum.
KEY LEVELS :
RESISTANCE LEVEL : $3,620-$3,720
SUPPORT LEVEL : $3,400-$3,320
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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