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ETH Holding On for Dear Life (June 25 Forecast))

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Crypto Daily FX
@cryptodailyfx
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Ethereum recovered a bit on Thursday, rallying to about the $2,000 level. ETH found support and bounced at the 200 Day EMA around $1,723 on Monday, giving us a bit of a relief rally since then. If ETH breaks below the 200 Day EMA, then ETH see another big drop. (June 24, 2021  8:30 PM EST)

Short-Term:

ETH is still trading above the 200 Day EMA, however Monday's selloff tested it as support - which held. Holding support is good, but this pattern is not so pretty. Granted, short-medium term corrections are to be expected in crypto and tend to be more intense than TradFi. If ETH can break above $2,000 and hold it as support, it will then need to break above the 50 Day EMA which is turning down and back below $2,500. 

If ETH gets rejected by the $2,000 level and falls below the 200 Day EMA around $1,725, we could very well see a drop to $1,500 and possibly retest the 2018 highs around $1,400 before finding significant support. It's around this region I would put in a hard floor as I imagine many others would be willing to back up a truck full of money for sub-$1,500 ETH again, which may be the last time we ever see ETH at that level. I wouldn't bet on it, but it doesn't hurt to throw in some limit orders just in case exchanges go down again during another panic selloff. 

ETH/BTC:

ETH/BTC continues to retrace, breaking below the 50 Day EMA and drifting back down towards the 0.05 level. This is to be expected as capital rotates out of alts and back into BTC. Seeing as how Bitcoin moves first during impulsive rallies and we haven't confirmed whether BTC's bottom is in yet, it could be a while before we see strength return to ETH/BTC. 

Support: $1,723 / 0.05 ETH/BTC.

Resistance: $2,000, then 50 Day EMA at $2,490 / 0.06 ETH/BTC.

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