Ethereum Technical Analysis 06-16-21

Ethereum Technical Analysis 06-16-21


Technical Analysis

Ethereum opens at $2.5K and goes down around to $2.4K and stable around $2.5K. The average transaction fee is $4.24 which is 1.44% increase from 06-15-21. Ideally, gas fee should below $10 and it is low now.

Ethereum is strong support at around $1.7K as my analysis yesterday.Β 

Short term correction may come since its valuation is high in my opinion in previous level. The valuation is around $1.7K to $2.0K.Β You can reference my method here. Gas fee is shoot up due to large value transaction in one day and continue to be expensive.

It seems Ethereum is heading corrections of tailwind and it has a hard time to adjust its valuation! However, it weathers the correction well.

Ethereum increases its correlation with Dollar indicates that it becomes a neutral positionπŸ‘οΈ. The price may fluctuate more in the coming day with price toward low-level.

The way Ethereum suddenly detached from Gold correlation is a huge warning that it may not be as stable as I expected in the future. In the historical context, what makes move opposite to Gold is fiat currency. I think evidently it does prove my hypothesis.

I remain my floor price to $1.7k indicates the strong support and remain the ceiling price at $3.0k.

As today, Ethereum Value = $1.7k ~ $3.0k and my position is Long.

Here are some highlights to support my analysis:

ded1b80f9273f306d21b8164eca2fb28ce3e68a5d1d3ee733c73088dffee88dc.png

Current News Summary:

14404f5247fb0704e38cfc8bf24bc91d627e09c038b71924ce55cf6316d695f5.png

Most Bullish News πŸ“ˆ

Web 3.0 is coming

It indicates that Ethereum may continue raising with more users

Most Bearish News πŸ“‰

Indonesia central bank government against crypto

It indicates that Ethereum may face correction due to regulation concerns

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Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!

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You can reference my previous monthly Bitcoin and Ethereum analysis here ⬇️⬇️:
Note:some links refer at the beginning of next month that include all previous month links of reports
πŸ’ͺπŸ’ͺ January 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ February 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ March 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ April 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ May 2021 Technical Analysis Summary πŸš€πŸš€
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You can reference my previous daily Bitcoin analysis here ⬇️⬇️:
Bitcoin Technical Analysis 06-01-21πŸ“ˆ
Bitcoin Technical Analysis 06-02-21πŸ“ˆ
Bitcoin Technical Analysis 06-03-21πŸ“‰
Bitcoin Technical Analysis 06-04-21πŸ“‰
Bitcoin Technical Analysis 06-05-21πŸ“ˆ
Bitcoin Technical Analysis 06-06-21πŸ“‰
Bitcoin Technical Analysis 06-07-21πŸ“‰
Bitcoin Technical Analysis 06-08-21πŸ“ˆ
Bitcoin Technical Analysis 06-09-21πŸ“ˆ
Bitcoin Technical Analysis 06-10-21πŸ“‰
Bitcoin Technical Analysis 06-11-21πŸ“‰
Bitcoin Technical Analysis 06-12-21πŸ“ˆ
Bitcoin Technical Analysis 06-13-21πŸ“ˆ
Bitcoin Technical Analysis 06-14-21πŸ“ˆ
Bitcoin Technical Analysis 06-15-21πŸ“‰
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ⬇️⬇️:
Ethereum Technical Analysis 06-01-21πŸ“ˆ
Ethereum Technical Analysis 06-02-21πŸ“ˆ
Ethereum Technical Analysis 06-03-21πŸ“‰
Ethereum Technical Analysis 06-04-21πŸ“‰
Ethereum Technical Analysis 06-05-21πŸ“ˆ
Ethereum Technical Analysis 06-06-21πŸ“‰
Ethereum Technical Analysis 06-07-21πŸ“‰
Ethereum Technical Analysis 06-08-21πŸ“ˆ
Ethereum Technical Analysis 06-09-21πŸ“ˆ
Ethereum Technical Analysis 06-10-21πŸ“‰
Ethereum Technical Analysis 06-11-21πŸ“‰
Ethereum Technical Analysis 06-12-21πŸ“ˆ
Ethereum Technical Analysis 06-13-21πŸ“ˆ
Ethereum Technical Analysis 06-14-21πŸ“ˆ
Ethereum Technical Analysis 06-15-21πŸ“‰
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You can reference my previous daily Dogecoin analysis here ⬇️⬇️:
Doge Analysis 12-28-21πŸ“ˆ
Doge Analysis 01-01-21πŸ“ˆ
Doge Analysis 01-02-21πŸ“ˆ
Doge Analysis 01-11-21πŸ“‰
Doge Analysis 01-28-21πŸ“ˆ
Doge Analysis 02-04-21πŸ“ˆ
Doge Analysis 02-07-21πŸ“ˆ
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You can reference my previous weekly Cryptomarket forecast analysis here ⬇️⬇️:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-12-21 to 03-19-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-26-21 to 04-02-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21πŸ”₯πŸ”₯
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Check out my Ah moment here ⬇️⬇️:
πŸ’­Ah moment 05-31-21πŸ’­
πŸ’­Ah moment 06-02-21πŸ’­
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Risk forecast guideline:
Risk Averse means you can use as defense πŸ›‘οΈ
Risk Seeking means you can use as offense βš”οΈ
Risk Neutral means no decision made and continue seeking opportunities πŸ‘οΈ
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving cohttps://www.coindesk.com/price/bitcoinmpensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.

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xuanling11
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