June 1 Technical Analysis: This Month’s Outlook for Ether (ETH)

The bull market at the start of the year is slowing down as the last monthly candle for ETH shows a phase of indecision. Will this slowdown continue? Here is this month’s outlook for Ether (ETH).

Ether (ETH) on a monthly scale

On a monthly scale, ETH closed May with a doji shaped candle. This indicates that the bullish and bearish pressures are relatively balanced. However, it is important to note that the sellers are in control from the high at $2138. Despite an attempt by buyers in early May, Ether (ETH) failed to breach this high. Currently, this crypto continues to stabilize around $1800. It is possible that the price will drop further before regaining the momentum to reach new highs.

However, the medium-term momentum remains bullish. Indeed, the price of ETH is moving well above the moving average of the last 50 months. It is therefore preferable to favor bullish scenarios. The most significant hurdles for Ether (ETH) are found at $2138 and $2021. If the buyers manage to push the price above the psychological zone of $2000, it will be a signal for the continuation of the long-term uptrend. On the other hand, if the low at $1,737 is broken, a drop towards the critical support at $1,487 would be possible.

A probable increase at the beginning of the month?

On the reduced scale (4 hours), Ether (ETH) appears to be showing a bullish setup. Indeed, the brief dip below the supports at $1795 and $1765 can be seen as a cash grab. Moreover, this was followed by a break of the support at $1872. The two moving averages (50 and 200) are also starting to cross, indicating a change in direction in the short term.

Thus, a rise in ETH at the start of the month could be considered. In this case, the resistance around the $2000 area would be the closest target. If the price shows no bearish reaction at this level, Ether (ETH) could hit $2200.

Admission: $1836;

Stop: $1805;

Goal: $2021.