Ether (ETH): No bullish signal in sight! June 13 Technical Analysis

Following tensions between the SEC and major exchanges, the crypto market experienced a sharp drop this weekend. This decline could continue for Ether (ETH) which does not present any bullish signal. New DIPs could be reached before the bull-run resumes.

Ether (ETH) drops 6% over the weekend

After a week of high volatility, ETH closed last week down 6% over the weekend. Currently, this altcoin is trading around $1748, near its May low. In this context, the first objective ($1737) of the technical analysis of June 8 has been reached. The second target ($1620) could also be reached as Ether (ETH) shows no bullish signal.

Indeed, the SEC’s repressive actions against exchanges favor a drop in the value of cryptos. Additionally, bitcoin (BTC), which accounts for more than 45% of the crypto market’s total market cap, could drop further before seeing a major rally. Therefore, Ether (ETH) could also experience a sharp drop, with a short-term target of $1620. In addition, the macroeconomic news expected this week could increase volatility in the market.

Support levels to watch

The bearish pressure seen since the weekend continues to build and could push ETH to lower levels. A change in trend would only be possible from a major support.

First, the closest support is around $1620. This is an area close to the 200-day moving average and halfway through the March range. This makes it a potential target for the current bearish Ether (ETH) setup. However, it is possible for the price to go down further to find a deeper DIP. In this case, the area between $1555 and $1473 could be the starting point for a rebound.

These levels represent potential targets should ETH decline. In this bearish outlook, a short position seems the most appropriate, as Ether (ETH) could reach $1555.

Admission: $1818;

Stop: $1856;

Goal 1: $1620;

Goal 2: $1555.