The crypto market remains volatile and a handful of experienced traders believe that as long as the stock markets are chasing new lows, the bearish trend will continue.
Most investors would agree that crypto is now in a bear market and the current price action for Bitcoin (BTC) and Ethereum (ETH) suggests that capitulation and consolidation is a way away.
Data from Cointelegraph Markets Pro and TradingView shows that Ether is still struggling to reclaim the $2,000 level as support and this area has been a notable support and resistance since February 2021.
Ether to $2,250. Requires monthly closing above
Regaining a bullish outlook by market analyst and pseudonymous Twitter user ‘Rekt Capital’, Ether was informed of key support levels until the monthly close, which Posted The chart below is indicating a major level near $2,269.
Rect Capital said,
“ETH is climbing closer and closer to the key ~$2,250 level. The key question is whether the monthly level will turn into new resistance once it reaches.”
Traders Target $1,650
The possibility of a breakout from the current support level was outlined in the following chart: Posted By crypto trader and pseudonymous Twitter user ‘crypto Tony’, who is “expecting another drop in OB” where they want to fill some orders.
Crypto Tony said,
“This step will be needed to engineer the liquidity to move us into a corrective wave. From there we see how it goes. ,
related: ‘Huge Testing Milestone’ for Ethereum: Ropsten Testnet Merge Scheduled for June 8
The head and shoulders structure of the ether is complete
A potential bearish signal appeared on the weekly chart with the completion of a head and shoulders pattern, a point highlighted in the following chart Posted By ‘CryptoCharts’.
Crypto Charts said,
“With the recent sideways cryptocurrency market, we can clearly see whether it is a bounce or a breakout at support. Here on the short-term time frame, I will be watching closely to see if there is a breakout, or A reversal breakout at the current support will take the price towards the next support near $1,300. Any bounce back will continue towards $2,450.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
