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Ethereum (ETH) Price Analysis for June 10

Sat, 06/10/2023 - 16:20
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Denys Serhiichuk
How long will correction of Ethereum (ETH) last?
Ethereum (ETH) Price Analysis for June 10
Cover image via www.tradingview.com

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Sellers have seized the initiative as the prices of coins have sharply gone down.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) has lost more than Bitcoin (BTC), declining by 5.45% since yesterday.

ETH/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) has made a false breakout of the recently formed support level at $1,726. If buyers can seize the lost initiative and get the price back to $1,760, the upward move may continue to the $1,780 mark.

ETH/USD chart by TradingView

Image by TradingView

On the daily time frame, the price of ETH is about to fix below the important support at $1,737. If it happens, the accumulated energy might be enough for a more profound decline to the $1,700 area within the next few days.

ETH/USD chart by TradingView

Image by TradingView

Bears are also more powerful than bulls from the midterm point of view. The rate has returned to the support level after its false breakout, which means that buyers are not ready to seize the initiative yet.

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In this case, traders can expect a fall to the $1,600-$1,650 zone shortly.

Ethereum is trading at $1,743 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.