Bitcoin and Ether Market Update June 17, 2021

ETH/USD

The Ethereum project token ETH jumped 6.2 percent on Sunday, June 13, and moved back into the long-term uptrend corridor, hitting the $2,500 S/R zone. The coin was using the 23.60% Fibonacci line near $2,362 as a support in the last few days keeping the bullish structure intact. It was 7.4 percent down on a weekly basis.

On Monday, the leading altcoin and leading decentralized applications platform climbed further to $2,611 but suffered once more rejection at the 21-period EMA being unable to close above this dynamic line since June 3. The ether moved away from the mentioned support zone, but the overall trading volumes were not that high to support a potential rally in the upward direction.

The second day of the week came with another rejection at the moving average and a pullback down to $2,540.

This was followed by a deeper retrace on Wednesday, June 16 when the ETH/USD pair erased 6.7 percent of its value and lost both the horizontal and diagonal supports. However, it was able to once again find stability around the first Fibonacci retracement level.

In the early hours of trading on Thursday, ETH is trading slightly higher at $2,430, but still below the mentioned indicators.

Related posts:

Source: Read Full Article