Crypto Analyzer

Ethereum Market Analysis: June 20, 2017

As of June 20, 2017, the Ethereum (ETH) market is showing signs of struggle in both the ETH/USD and ETH/BTC pairs. Let’s delve into a technical analysis of the current market situation:

ETH/USD Analysis:

In the ETH/USD pair, Ethereum faced resistance at the $360 level. Despite an initial rally, the market appears heavy, signaling a potential move towards the $300 support level. The overbought condition of the market suggests a necessary pullback to alleviate the overbought situation. Cooling-off is essential for sustainable growth.

ETH/BTC Analysis:

In the ETH/BTC pair, Ethereum encountered resistance around the 0.14 level. The market is in need of finding firm support, given its prolonged overbought state. A potential target could be the 0.15 level, which has acted as a resistance point in the past. A breakthrough above this level could lead to significant upward movement, although a pullback is deemed necessary due to the parabolic nature of the market.

Overall, the Ethereum market is displaying signs of cooling off and potential corrective movements to ease its overbought conditions. Traders and investors should closely monitor the support and resistance levels mentioned to gauge possible future price actions. Stay tuned for further updates and analysis.