Ethereum

Reserve

Daily

<p>Ethereum&#8217;s price has recently broken below the 100-day moving average, resulting in a decline toward the significant support region of around $1.7K.</p>
<p>It is crucial to closely monitor the price action in this important area as it may provide a clear indication of the next movement of ETH&#8217;s price.</p>
<h2 id="ethereum-price-technical-analysis">Ethereum Price Technical Analysis</h2>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Ethereum had been struggling to breach the 100-day moving average for a prolonged period but has finally broken below it on June 10th, indicating a bearish outlook for the mid term.</p>
<p>However, the ETH price has reached the substantial support region at $1.7K, where the bearish momentum has halted, leading to a stable price action at this level. If selling pressure persists and causes a further decline below this support region, the bears&#8217; next target would be the 200-day moving average at $1625.</p>
<figure id="attachment_254820" aria-describedby="caption-attachment-254820" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254820 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-scaled.jpg" alt="eth_price_chart_1206231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-Daily-2-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254820" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, the price has finally dropped below the lower trendline of the channel and reached the major support zone at $1.7K. It holds significant psychological value as it has been supporting the price since March 2023.</p>
<p>Considering that the RSI indicator is currently around the oversold section, there is a possibility of a price retracement towards the lower trendline of the channel before initiating the next move. However, if the $1.7K level successfully prevents further decline and triggers a bullish rally, the next target for Ethereum would be the $2K resistance region.</p>
<figure id="attachment_254819" aria-describedby="caption-attachment-254819" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254819 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-scaled.jpg" alt="eth_price_chart_1206232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/ETH-4H-2-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254819" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h2 id="on-chain-analysis">On-chain Analysis</h2>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<p>This graph illustrates the Ethereum Exchange Reserves metric for Binance and Coinbase exchanges in relation to Ethereum&#8217;s price. Recently, the Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and Coinbase, which has generated significant fear within the market.</p>
<p>In response to this development, investors have withdrawn approximately $1.43 billion from the Binance crypto exchange and its U.S. affiliate following the regulatory actions. Binance experienced net outflows of $1.34 billion worth of crypto tokens on the Ethereum blockchain, while its U.S. affiliate, <a href="http://binance.us/" data-wpel-link="external" target="_blank">Binance.US</a>, recorded net outflows of $70.8 million. Coinbase has also witnessed substantial outflows due to the prevailing uncertainty among market participants.</p>
<p>Consequently, the ETH Exchange Reserve metric has undergone a notable decrease for both exchanges, underscoring the fear and uncertainty triggered by the conflict involving the SEC, Binance, and Coinbase.</p>
<figure id="attachment_254837" aria-describedby="caption-attachment-254837" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254837 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-scaled.jpg" alt="eth_binance_coinbase_reserves_chart_1206231" width="2560" height="1062" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-300x124.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-1024x425.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-768x319.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-1536x637.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-2048x850.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/Ethereum-reserves-50x21.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254837" class="wp-caption-text">Source: CryptoQuant</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/this-is-the-next-bearish-target-for-eth-bears-if-1-7k-falls-ethereum-price-analysis/" rel="nofollow">This is the Next Bearish Target for ETH Bears if $1.7K Falls (Ethereum Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

This is the Next Bearish Target for ETH Bears if $1.7K Falls (Ethereum Price Analysis)

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