Good morning, brothers! Quick overview of Ethereum market on Friday, June 20
The battle between bulls and bears for Ethereum is intense. After several rebounds from the $2490 level, the price has struggled to continue upward in the evening, currently facing pressure around $2523, with a weak short-term trend.
From a technical perspective:
Hourly chart: A short-term support formed around $2480 at the 4-hour level, with an intraday high of $2546. The rebound did not break the previous high, and there is significant fluctuation in the $2485-$2454 range.
Daily chart: There have been three consecutive days of long lower shadows, with fierce battles between bulls and bears in the $2465-$2548 range, and $2480 has become a key short-term support. In terms of MACD, the DIF and DEA at the 4-hour level are sticking below the zero axis. Although the histogram has turned red, the volume is insufficient; at the daily level, the dead cross has narrowed the divergence to -50. On the EMA front, the 4-hour EMA7 ($2515) is roughly in line with the price, while EMA30 ($2543) is forming resistance; the daily EMA120 ($2384) serves as long-term trend support.
Short-term expectations suggest continued fluctuation in the market, and it is recommended to focus on shorting during rebounds. Upper resistance levels to watch are $2560, $2585, and $2625; lower support levels to pay attention to are $2480, $2455, and $2425.
