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The Ethereum ETH / USD is trading below the 21 SMA and above the strong support of 2/8 Murray, rebounding after it fell to the level of $ 1,700.
This drop in cryptocurrencies is partly due to China's continued crackdown on Bitcoin mining and OTC transactions, added with prolonged technical weakness in the market. It triggered the crash of ETH and other cryptocurrencies.
Another major source of the cryptocurrency market slowdown that has been pressing for weeks is China's crackdown on cryptocurrency mining operations in the country. This has led to a substantial drop in the record hash rate to levels last seen in September 2020.
Ethereum fell to the zone of $1,700 loosing -15% after that $ 1,875 support level had been broken. Now it is trading at $ 1,994, close to the psychological level of 2,000, and very close to the strong bearish level.
The current trend continues to be bearish for the ETH / USD. As we can see in the chart, a consolidation above $ 2,050 or $ 2,100 will be a new opportunity to buy.
If Ethereum price fails to stay above the 21 SMA and the downtrend channel is expected to move down to the 1,700 zone and up to 1,500 in the short term.
Our recommendation is to wait for a break of the bearish channel and a consolidation above 2050, in order to be able to buy with targets in the resistance zone of the 200 EMA around 2450 and up to 4/8 of a murray at $ 2,500.
Support and Resistance Levels for June 23 – 24, 2021
Resistance (3) 2.341
Resistance (2) 2,169
Resistance (1) 2,048
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Support (1) 1,877
Support (2) 1,716
Support (3) 1,584
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