{"id":1054,"date":"2021-06-08T14:35:57","date_gmt":"2021-06-08T18:35:57","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=1054"},"modified":"2021-06-08T14:36:00","modified_gmt":"2021-06-08T18:36:00","slug":"ethereum-technical-analysis-will-eth-buyers-overcome","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/ethereum-technical-analysis-will-eth-buyers-overcome","title":{"rendered":"Ethereum Technical Analysis: Will ETH Buyers Overcome $2.9k As Layer-2 Gains Traction?"},"content":{"rendered":"\n
\"Ethereum
Ethereum Technical Analysis for June<\/figcaption><\/figure>\n\n\n\n

The Ethereum price<\/a>, for what the project presents, is closely watched. Currently, the coin is relatively stable, inching higher and away from the tepid price action of last week.<\/p>\n\n\n\n

Whether the flat-lining will continue this week depends on several Ethereum technical analysis factors. One of them is the reaction at $2.5k and $3k on the upside.<\/p>\n\n\n\n

The latter is a psychological mark that, if broken, may trigger another wave higher towards $4k\u2014or better.<\/p>\n\n\n\n

ETH is stable on the last trading day and encouragingly up 12 percent week-to-date versus the greenback at the time of writing.<\/p>\n\n\n\n

Additionally, it outperformed BTC on the same time frame with decent trading volumes at around $33 billion.<\/p>\n\n\n\n

Ethereum Market Overview<\/h2>\n\n\n\n

Chartists are split in light of the ETH\/USD candlestick arrangement.<\/p>\n\n\n\n

On the one hand, ETH\/USD prices are grinding higher, retesting, and even closing above the middle BB. The 20-day moving average is the immediate resistance level.<\/p>\n\n\n\n

If comprehensively broken to the upside, ETH bulls may find a solid anchor to rally towards $4k and print new highs in the medium-term.<\/p>\n\n\n\n

On the other side, some analysts are pessimistic.<\/p>\n\n\n\n

For instance, even with the expansion of ETH prices from the tail-end of May 2021, there are hints of weakness. ETH\/USD prices are still trading inside May 19 high-volume bear that.<\/p>\n\n\n\n

The main distinguishing movement casting a shadow of doubt on ETH bulls is participation even behind the double bar bullish reversal pattern of May 23 and 24.<\/p>\n\n\n\n

Comparatively low trading volumes suggest weakness in uptrend from an Effort-versus-Results perspective, giving ETH bears an upper hand.<\/p>\n\n\n\n

Ethereum Market Movers<\/h2>\n\n\n\n

Admittedly, Ethereum struggles with scalability troubles and fluctuating Gas fees.<\/p>\n\n\n\n

A few weeks after Gas rose to $69. After that, it has sharply contracted to around $4, according to trackers.<\/p>\n\n\n\n

The project, nonetheless, plans to address Gas and scalability concerns.<\/p>\n\n\n\n

One, the London upgrade is in a few weeks:<\/p>\n\n\n\n

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#ethereum<\/a> EIP 1559 is just a few weeks away! This is a massive shift in monetary policy for ETH.

The long term effects are likely to drive the price higher than most believe possible.<\/p>— Lark Davis (@TheCryptoLark) June 6, 2021<\/a><\/blockquote>