Ethereum Technical Analysis 06-13-21

in CryptoDog3 years ago

Eth0.PNG
Ethereum opens at $2.4K and goes down around to $2.3K and stable around $2.4K. The average transaction fee is $4.02 which is 11.06% decrease from 06-12-21. Ideally, gas fee should below $10 and it is low now.

Ethereum is strong support at around $1.7K as my analysis yesterday.

Short term correction may come since its valuation is high in my opinion in previous level. The valuation is around $1.7K to $2.0K. You can reference my method here. Gas fee is shoot up due to large value transaction in one day and continue to be expensive.

It seems Ethereum is heading corrections of tailwind and it has a hard time to adjust its valuation! However, it weathers the correction well.

Ethereum increases its correlation with Stock indicates that it becomes a neutral position👁️. The price may fluctuate more in the coming day with price toward low-level.

The way Ethereum suddenly detached from Gold correlation is a huge warning that it may not be as stable as I expected in the future. In the historical context, what makes move opposite to Gold is fiat currency. I think evidently it does prove my hypothesis.

I remain my floor price to $1.7k indicates the strong support and remain the ceiling price at $3.0k.

As today, Ethereum Value = $1.7k ~ $3.0k and my position is Long.

Ethall.PNG
Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!
New Logo.png

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70734.57
ETH 3561.52
USDT 1.00
SBD 4.75