Daily Trade Ideas

ETH/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 9, 20231 min
Ethusd

Daily Price Outlook

  • SEC targets Binance and Coinbase, causing market decline
  • Ethereum faces downward pressure, trading between $1860 and $1830
  • Watch out for the crucial $1830 level, as Ethereum may drop towards $1800 or even lower to $1775 or $1760.

The SEC is on a mission, targeting Binance and Coinbase, and the market took a tumble. Poor Ethereum couldn’t escape the downward pressure and is now bouncing between $1860 and $1830. The technical indicators are definitely feeling bearish vibes.

The 50-day moving average is putting up a fight at $1854, suggesting more potential downside. And guess what? The RSI and MACD indicators are joining the bear party too.

Watch out for that crucial $1830 level! If it breaks, Ethereum could take a plunge towards $1800. And if it falls below that psychological level, brace yourself for a wild ride towards $1775 or even $1760. Keep an eye on those charts

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Idea

Entry Price – Sell Stop1824

Stop Loss – 1861.4

Take Profit – 1782.9

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$41.9/ -$36.6

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ETH/USD

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