Pro Charts: Crypto

Technical Analysis: Investors Trade Ethereum

Updated: Jun 15, 2024 | Published: Jun 15, 2024
Verified Investing
By Verified Investing
Technical Analysis: Investors Trade Ethereum

Ethereum technical analysis rating is a neutral for this week. Last week was bullish but price failed to breakout above key resistance. Instead, Ethereum saw a pullback, breaking a minor support level.

Generally, Bitcoin and altcoins saw weakness in the latest week even as the CPI and PPI data came in lower-than-expected.

Interestingly enough, the stock market gained, but the upside was a result of just a few mega cap stocks like Apple, Nvidia and Microsoft. When looking at the equal weight indexes, they were flat to lower, aligning with the crypto price action.

Ethereum is currently trading between minor resistance at $3,700 and minor support at $3,365.

Major resistance is at $3,800 and major support is at $3,150. As long as they majors hold, Ethereum will be unable to have a strong bias one way or another. However, if major resistance or major support is broken, watch out in that direction, a big move is likely.

Note the chart above for the trend lines to show this analysis.