Daily Technical Analysis BTC & ETH — 3 June 2022
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In order to support you and the crypto community with trading decisions, WenX is serving you with Daily Technical Analysis updates on BTC & ETH.
Bitcoin price extended its decline below the $30,000 support zone. However, downsides were limited below the $29,500 level. The price formed a base near $29,350 and started a recovery wave.
There was a move above the $30,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $32,400 swing high to $29,328 low. It even spiked above the $30,500 resistance zone, but the bears were active near the $31,000 level.
Bitcoin price is now trading below the $31,000 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USDT pair.
The trend line is close to the 50% Fib retracement level of the recent decline from the $32,400 swing high to $29,328 low. An immediate resistance on the upside is near the $30,800 level. The next major resistance is near the $31,000 and the 100 hourly simple moving average.
A clear move above the $31,000 resistance level could start another increase. In the stated case, the price could rise towards the $32,000 resistance. The next major resistance sits near the $32,400 level.
If bitcoin fails to clear the $31,000 resistance zone, it could start another decline. An immediate support on the downside is near the $30,000 level.
The next major support is near the $29,350 level. A downside break below the $29,350 support may perhaps spark a sharp decline. In the stated case, the price could revisit the $28,250 support zone.
Ethereum extended decline below the $1,850 support zone. It even spiked below the $1,800 before the bulls appeared near the $1,760 zone.
A low was formed near $1,762 and the price started a recovery wave. The price climbed above the $1,800 resistance level. Ether price even moved above the 23.6% Fib retracement level of the downward move from the $2,015 swing high to $1,762 low.
However, the bears are currently protecting more gains above the $1,850 level. It is also trading below $1,880 and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $1,860 level and the 100 hourly simple moving average. The next major resistance is near the $1,880 zone. It is near the 50% Fib retracement level of the downward move from the $2,015 swing high to $1,762 low.
There is also a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USDT. A clear move above the trend line and the $1,920 resistance might start a decent increase. In the stated case, the price could revisit $2,000, above which it could test $2,050.
If ethereum fails to recover above the $1,920 resistance, it could start another decline. An initial support on the downside is near the $1,800 zone.
The next major support is near the $1,760 level. A clear move below the $1,760 level might spark a major decline. The next major support might be $1,720. Any more losses could send the price towards the $1,650 level in the near term.
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