empty
10.06.2022 08:56 AM
Technical Analysis of ETH/USD for June 10, 2022

Crypto Industry News:

New York Governor Kathy Hochul has yet to make a public commitment to signing a controversial bill to ban proof-of-work (PoW) cryptocurrency mining, instead notes that her team will be "watching very closely" other suggestions over the next few months.

If signed, cryptocurrency mining operations supported by fossil fuels will no longer be able to set up points or renew existing licenses in New York State. Under the new regulations, only PoW operations powered by 100% renewable energy would be possible.

The New York State Senate, to the dismay of members of the crypto community, passed the bill on June 3, which means the fate of the bill is now in the hands of Governor Hochul, who has the power to approve or veto the proposed rules.

At this stage, it seems the governor has no intention of rushing the decision and may have higher priorities for the upcoming June 28 primaries.

Technical Market Outlook:

The down trend on the ETH/USD pair is still intact as the bears are approaching the last week low located at the level of $1,701. Despite the decreased volatility, the bearish pressure increases, so in a case of a breakout lower, the next target for bears is seen at the level of $1,420. In order to terminate the down trend, the bulls must break through the key short-term technical resistance located at the level of $2,199. The nearest technical resistance is located at $1,863 and $1,916.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $2,200

WR2 - $2,120

WR1 - $1,939

Weekly Pivot - $1,827

WS1 - $1,666

WS2 - $1,570

WS3 - $1,388

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $2,000 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,420.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

XAU/USD. Analysis and Forecast

Gold is declining below the $3300 level today. U.S. PCE data met expectations. A shift in trade flows is helping the U.S. dollar regain positive momentum. This is also undermining

Irina Yanina 17:37 2025-05-30 UTC+2

GBP/USD Analysis on May 30, 2025

The wave structure for GBP/USD continues to indicate the development of an upward impulsive wave pattern. The wave pattern is almost identical to that of EUR/USD. Until February

Chin Zhao 17:31 2025-05-30 UTC+2

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still

Jurij Tolin 16:24 2025-05-30 UTC+2

Do you know the most profitable company in the crypto industry?

While Bitcoin and Ethereum saw a fairly solid correction toward the end of the week, the most profitable company in the crypto industry — Tether — may have been quietly

Jakub Novak 16:16 2025-05-30 UTC+2

Boeing climbs, Best Buy falls as investors rebalance across sectors

Best Buy shares fell after the company cut its full-year sales and earnings forecasts. Boeing, on the other hand, gained ground as its CEO announced plans to ramp up production

13:49 2025-05-30 UTC+2

Inflation Is Almost Under Control

While the euro continues to hold its ground against the dollar, European Central Bank (ECB) Governing Council member Fabio Panetta indicated during an interview today that inflation in the eurozone

Jakub Novak 13:40 2025-05-30 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders for May 30th (U.S. Session)

Trade Analysis and Advice on Trading the Japanese Yen The designated levels were not tested in the first half of the day. We did not reach 144.17, and even

Jakub Novak 13:37 2025-05-30 UTC+2

GBPUSD: Simple Trading Tips for Beginner Traders for May 30th (U.S. Session)

Trade Analysis and Advice on Trading the British Pound The price test at 1.3461 during the first half of the day occurred when the MACD indicator had just started moving

Jakub Novak 13:35 2025-05-30 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders for May 30th (U.S. Session)

Trade Analysis and Advice on the Euro The price test at 1.1331 occurred when the MACD indicator had already moved significantly below the zero mark, limiting the pair's downward potential

Jakub Novak 13:33 2025-05-30 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.3456 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:30 2025-05-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.