10.06.202108:42 Forex Analysis & Reviews: Technical Analysis of ETH/USD for June 10, 2021

Crypto Industry News:

Just days after the world's most populous nation blocked social media influencer crypto accounts, all Chinese search engines stopped showing search results for Binance, Huobi, and OKEx.

According to a Chinese journalist using the pseudonym Wu Blockchain, local search engines (such as Baidu and Sogou) blocked queries for three of the most popular digital asset trading platforms. These are Binance, Huobi, and OKEx.

The journalist also noted that the most popular social media platforms, such as Weibo and Zhihu, did the same. Users are unable to search for the three exchanges in either Chinese or English. While the country has taken action against the cryptocurrency industry on numerous occasions recently, it appears to be Baidu's first such initiative.

The situation takes place just a few days after Weibo blocked the accounts of famous figures related to the cryptocurrency industry.

Technical Market Outlook:

The ETH/USD has made a new local low at the level of $2,308 and then bounced 50% towards the level of $2,575. The immediate technical resistance is seen at the level of $2,639. As long as the price is still under the level of $2,914, the bears are still in full control of the market and the next target for bears is seen at the level of $1,729, $1,633 and $1,544. The nearest technical support is still seen at the level of $2,201.

Weekly Pivot Points:

WR3 - $3,628

WR2 - $3,236

WR1 - $2,995

Weekly Pivot - $2,426

WS1 - $2,383

WS2 - $2,000

WS3 - $1,765

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.