ETH/USD Snaps Range to Eye May Low
ETH/USD snaps the range bound price action from last week after following the failed attempts to close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region.
ETH/USD Outlook
ETH/USD trades to a fresh monthly low ($1780) after struggling to hold above the 50-Day SMA ($1872), and Ethereum may continue to give back the advance from the May low ($1741).
Failure to defend the May range may push ETH/USD towards $1699 (38.2% Fibonacci retracement), with the next area of interest coming in around $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement).
Nevertheless, ETH/USD may try to track the positive slope in the moving average if it holds above the May low ($1741), with a break/close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region bringing the May high ($2000) back on the radar.
ETH/USD Outlook
ETH/USD trades to a fresh monthly low ($1780) after struggling to hold above the 50-Day SMA ($1872), and Ethereum may continue to give back the advance from the May low ($1741).
Failure to defend the May range may push ETH/USD towards $1699 (38.2% Fibonacci retracement), with the next area of interest coming in around $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement).
Nevertheless, ETH/USD may try to track the positive slope in the moving average if it holds above the May low ($1741), with a break/close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region bringing the May high ($2000) back on the radar.
Penafian
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