Ethereum (ETH / USD) accumulates a negative streak since the maximum in 1905. From June 6 until today, ETH has lost almost 50%. It has reached extreme oversold levels. It is likely to have a technical rebound in the coming days.
ETH/USD made a low of $1008 this price level was last seen on Jan 21, 2021. Which around this zone is likely to see consolidation and could remain above the psychological level of $1000.
Ether accelerated its downside momentum when it broke the strong support of 1712. This level from May 12 was giving it some stability. However, it was broken. It is likely to become the next resistance in the event of a technical rebound.
Bitcoin also reached the psychological level of $20,000 and since then it is showing some consolidation around this zone. In the coming days, the cryptocurrency market is likely to have a certain recovery which could favor bulls to take long positions.
In the afternoon of the American session, the US interest rate data will be published. This announcement could generate strong volatility in the Cryptocurrency market for which we expect that the ether could reach the support zone of -1/8 Murray around 937.
The support level of 937 will give us an opportunity to buy the Ether. According to the eagle indicator, it is showing an oversold signal and an imminent rebound is likely.
On the other hand, in case of Ether breaks the downtrend channel formed on June 8 and consolidates above 1050 it could be a good opportunity to buy. If this scenario occurs, a recovery is expected in the short term and could reach 1/8 Murray around 1562.
