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BTC, ETH and SOL Price Analysis for June 4

Sat, 06/04/2022 - 18:00
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Denys Serhiichuk
Can main coins bounce back from their support levels?
BTC, ETH and SOL Price Analysis for June 4
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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

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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BTC, ADA and BNB Price Analysis for May 31

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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.