| 
June 10, 2023
Ethereum crashes after losing $98.4, breaking down to $1,742.28.
Ethereum fell below the $1,825 support zone and moved $82.57 beyond it; the next level of support with significant buyer interest is estimated at $1,814.84. Price action pushed below a known Fibonacci support level at $1,795.24 by around $52.96 with prices hammering out a $1,721.44 – $1,843 range by session close. A crossing of the lower Bollinger Band® at $1,767.26 suggests further losses may follow for Ethereum. In contrast, despite being in the red so far in the current trading session, ETH peaked above its 3 day Simple Moving Average around $1,843 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for ETH.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.243 (down 17.6%). Litecoin is down to $77.2, losing $12.06, after closing at $89.27 in the preceding trading session. Dogecoin crashes 14% to trade around $0.06.
ETH is now trading 13.18% below the significant high of $2,120 it set around a month ago. Ethereum is currently trading with a market cap of 209.47 billion with an average daily volume of 5.59 billion.
