ETH/USD price analysis, June 7

07.06.2021 12:23:51

After two unsuccessful attempts to break through the level of $2700 over the weekend, Ethereum began a new week with an increase, breaking the levels of $2700 and $2800. At the time of publication, Ethereum is trading at $2811, but we expect to see Ethereum around $2880 today.

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As a result of the rise above $2800, the ETH/USD pair was able to rise above the upper line of the ascending triangle that formed on the hourly chart. It also allowed the ETH/USD pair to rally well above the 100-hour moving average. As a result, the initial support for the ETH/USD pair moved to the area of $2720.

However, the hourly chart also shows that the area above $2800 provides ample resistance. Therefore, the nearest resistance is around $2850. In case of successful closing above this level, we can expect growth to the $3000 area.

If the bears activate and drop the ETH/USD pair below $2800 and below the 100-hour moving average again, the pair may begin a downward correction. This will lead to a decrease in the area of $2650. The next support level is in the area of $2550, below which the price is likely to move into a bearish zone.