Pro Charts: Crypto

Crypto: Ethereum Pro Trader Technical Analysis

Updated: Jun 01, 2024 | Published: Jun 01, 2024
Verified Investing
By Verified Investing
Crypto: Ethereum Pro Trader Technical Analysis

Ethereum saw sideways chop in the latest week, holding above technical support of $3,685. The fact that Ethereum is holding above $3,685 on the chart gives it a bullish bias to the double top of $4,100. The crypto bulls have control at this point as long as that support level holds on the chart.

The bearish case only gains momentum if the $3,685 breaks on a daily closing basis. Should that happen, there is no major support until $3,100.

The recent approval from the SEC for Ethereum ETF's to launch has been a near-term game changer. Investors are excited about the potential money flow from institutions. While it will be minor compared to the Bitcoin ETF's, it is still another way to attract buyers to the cryptocurrency.

Pure technical analysis signals a continued near-term bullish bias on Ethereum as long as that key $3,685 holds.