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FX.co ★ Trading plan for Ethereum for June 7, 2022

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Crypto Analysis:::2022-06-07T13:33:18

Trading plan for Ethereum for June 7, 2022

Trading plan for Ethereum for June 7, 2022

Technical outlook:

Ethereum has dropped again through the $1,740-50 zone after reversing from the high of $1,920 on Monday. The crypto might retest the low of $1,700 before resuming its rise. Bulls are inclined to hold prices above $1,600-50 to keep the near-term structure favorable for a rally towards the $3,500-3,600 zone (potential expended flat).

Ethereum has been working on a countertrend rally since registering lows at the $1,700 mark earlier. Price action has remained range-bound since then and could print marginally below the $1,700 mark before finding support again. Upside potential remains towards $3,000, which is initial resistance followed by the $3,500-3,600 zone.

Ethereum has carved a larger degree downswing between $4,850 and $1,700. A high probability remains for a corrective phase of a similar degree unfolding from here. If the above structure unfolds accordingly, potential remains for a rally up to the $3,500 mark, which is also the Fibonacci 0.618 retracement of the entire drop.

Trading plan:

Potential rally through $3,500 against $1,500

Good luck!

Analyst InstaForex
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