Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• ETH’s weekend dump eased near $1700-support 
• Both shorts/longs positions suffered >$5 million liquidations in the last 24 hours 

Ethereum [ETH] has been on a downward spiral after hitting the Q2 2023 high of $2100. Although the $1700 support has proven stable since mid-March, ETH’s downswings are hitting the DeFi sector hard. 

How much are 1,10,100 ETHs worth today? 

Despite Bitcoin’s [BTC] recent sharp drops and retesting of $25k twice, ETH’s drop hasn’t exceeded $1700. 

Will the $1700 support hold again?

The larger price action since mid-April chalked a descending channel (white) with an orange mid-range. The initial BTC drop to $25k on 5 June saw ETH drop from the range high of $1915 to $1778, near the mid-range. 

The second BTC drop to $25k over the weekend (10/11 June) saw ETH drop again from near the range high to the mid-range. If sellers don’t crack the mid-range, ETH could rally to the range high of $1825 or $1850. 

If that’s the case, buying at the mid-range level could offer a good risk ratio, targeting the range high ($1825/$1850). The next resistance level above the descending channel is $1935. 

A session close below $1,700 will invalidate the aforementioned bullish thesis. Such a

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Author: Suzuki Shillsalot

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