Ethereum Price Prediction And Analysis For June 4th – ETH Flash Crashes 10%

While May was one of the best months for crypto markets this whole year, June is off to a rough start. After trading sideways for three days, all cryptocurrency markets flash crashed earlier today. Most coins are down double digits with Ethereum dropping roughly 10% from a high of $269 to a low of $245. At the time of writing ETH/USD is trading at $248 fighting to establish support at the $250 level.

In an article written last week, we predicted that there will be some bearish momentum over the weekend. While our prediction was slightly off by a day, there were a few reasons why the correction was imminent. Specifically the three reasons which may be responsible for today’s drop are:

  • Support levels turning into resistance
  • Second correction wave is in place
  • Mining difficulty is a mystery factor

For an explanation regarding each reason check out “the top 3 reasons why this weekends bitcoin price outlook is bearish

While the above speculation was related to Bitcoin price specifically, most cryptocurrencies (including Ethereum) are closely following BTC’s path. Meaning similar reasons apply to ETH as well.

When it comes to Ethereum news, there are some big things brewing for ETH. Specifically, EY’s Nightfall Privacy Toolset for Ethereum is a major development for the cryptocurrency. This new toolset is the first set of privacy protocols for Ethereum which is developed by a consultancy firm called EY. Nightfall is designed for corporate clients who are looking to use ETH for non-transactional purposes and who require a layer of privacy.

Related Post

Ethereum Price Technical Analysis

Looking at the Ethereum Price, we can see that the current low of $250 has significant support that has been tested before at the end of May. As such, we should expect that the market will either bounce up from the current price or trade sideways before making its next move.

We can also see that the current trading volume is relatively low compared to what we had back in May. As such, even though the drop looks significant, there’s plenty of chance for recovery. After all, the overall sentiment is still bullish regardless of intraday market corrections.

Ethereum Price Chart Courtesy of CoinCodex


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Mark

Mark is a 24 year old cryptocurrency entrepreneur. He was introduced to Bitcoin in 2013 and has been involved with it ever since. He used to mine bitcoins and altcoins but now focuses on blogging and educating others about digital currencies.

Share
Published by
Mark

Recent Posts

A Guide to Authentication Methods (Infographic)

Stolen passwords and weak passwords are responsible for over 80% of security breaches in 2018,…

2 weeks ago

How To Boost FPS and Reduce Input Lag in Fortnite

One of the most common questions I get is how I can optimize FPS in…

3 weeks ago

Insane! Science Backed Method To Train Your Mouse Aim For FPS Games

If you are looking to improve your aim for your favorite competitive FPS title, chances…

4 weeks ago

Find Fortnite Clan – A Directory of Top Fortnite Clans

Are you looking for a Fortnite clan or team to join? Chances the answer is…

4 weeks ago

Find Valorant Clans and List Your Own Team for Free

Now that Valorant has been out for quite some time, the players that are looking…

1 month ago

The Lonliness Economy

Chronic loneliness can shorten lifespan by as much as 20 years - more than alcoholism…

1 month ago

This website uses cookies.