June 17 ETH Market Report - After rising sharply, it retreated again, with 65500 becoming a key threshold.

CN
1 day ago

Yesterday, Bitcoin surged to around 66976 and then retraced to about 65300, which coincided with the short position established near 66800 yesterday. Ethereum climbed to around 1839 yesterday and then started to fall back to the vicinity of 1760. The short positions established around 1820 to 1850 mentioned in the article have also seen good profit margins. For those who entered the market based on yesterday's strategy, it is recommended to take partial profits in batches upon reaching the target. Don’t be too greedy; it’s more important to preserve profits than anything else! Today's strategy remains unchanged with a bearish outlook!

The daily moving averages for Bitcoin are in a bearish arrangement. The recent rebound only touched near the 21-day moving average and then fell back again. It is difficult to break upwards without substantial positive news. The MACD indicator on the four-hour chart has formed a death cross and is declining with increasing downward momentum, and the red energy bars continue to grow, indicating that the bearish forces are strengthening. To put it simply: the bears currently have the upper hand, and the bulls need to put in more effort to turn the situation around. The price is hovering near the middle Bollinger band, with support around 65500. If this level is effectively broken, a new downward space will open up. In terms of specific operations, it is recommended to consider the resistance levels below to enter short positions!


For Ethereum, resistance is above around 1830 to 1908, and support can be observed below around 1750 to 1680 to 1640 to 1580.

The above views are for reference only. Remember to manage your risk well, participate with light positions, and be aware there may be deviations in entry and exit points: Bitcoin ±100 points, Ethereum ±5 points.

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