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BTC, ETH and SOL Price Analysis for June 4

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Sat, 4/06/2022 - 18:00
BTC, ETH and SOL Price Analysis for June 4
Cover image via www.tradingview.com

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The weekend has started with the continued downward movement of the cryptocurrency market.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is going down by 2.68% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Despite the fall, the rate could bounce back to the $29,000 mark, which means that sideways trading remains the more likely scenario for the upcoming days. In addition, the declining trading volume confirms this fact.

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In this regard, one should not expect any sharp moves from the main crypto in the near future as the coin has not accumulated enough power for that.

Bitcoin is trading at $29,700 at press time.

ETH/USD

Ethereum (ETH) keeps looking weaker than Bitcoin (BTC) with a drop of 2.79%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) is located near the support level at $1,700, which means that a further decline is more anticipated than further growth. The high selling volume confirms this exectation. If buyers cannot return the rate to the $1,800 zone by the end of the week, there are chances to see a sharp drop below $1,700 by the end of the month.

Ethereum is trading at $1,768 at press time.

SOL/USD

Solana (SOL) is the biggest loser from the list today, going down by 7.54%.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Solana (SOL) has made a false breakout of the $37.37 level on the daily chart. If buyers can hold the rate above this mark until the end of the day, the bounceback might continue to the $40 mark next week.

SOL is trading at $37.54 at press time.

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