Trading Signal for ETH/USD (Ethereum) for June 07 - 08, 2021: Buy above $2,590

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In the early American session, Ethereum ETH / USD, is trading with a bullish bias, above the key level of 2,500, within the symmetrical triangle. A breakout of this pattern above $ 2,900 with a further upward movement to the 3,437 zone could occur.

On the other hand, the market sentiment is still negative for the cryptocurrency market, so some investors are expecting a new bullish momentum to liquidate their buy positions.

In addition, any negative news, albeit insignificant, causes the price to fall, since traders make panic sales. Thus, we must be careful. If the ETH / USD trades below the 2,500 fence, it could result in a downward movement to the 2,000 psychological level.

On the contrary, a bounce in the area of the 21 SMA around 2500, we recommend buying with targets at 2,900 and 3,437. With a break of the symmetrical triangle pattern, we can buy as well.

The eagle indicator in daily charts is showing a bullish signal, therefore, it is likely that in the medium term ETH / USD will reach levels of $ 3,500.

Support and Resistance Levels for June 07 – 08, 2021

Resistance (3) 2,969

Resistance (2) 2,852

Resistance (1) 2,778

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Support (1) 2,662

Support (2) 2,473

Support (3) 2,353

The material has been provided by InstaForex Company - www.instaforex.com

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