Ethereum Market Analysis for June 10, 2018
Fellow Steemit Users, it’s always a good day in the crypto-space. Whether markets are up or down, a wise trader can always find a way to turn a profit! Sometimes it is all about finding arbitrage opportunities between various trading platforms, sometimes it is about anticipating a rise after a coin experiences a slump, and sometimes it is just about holding your coins and watching those values tick higher. Whatever your preferred method of trading, we here at Cryptonews 24/7 will strive to provide you with daily analysis of various markets to help you in your quest to acquire more wealth, no matter how much or how little capital you are starting with.
When analyzing cryptocurrencies, it is important to look at historical trends in addition to the current market trends. This expansive analysis can provide you with a better picture of where the market has been, and thus, where it might be trending towards next.
Here is what the 1-Month Chart is looking like:
Here is what the 5-Day Chart is looking like:
Here is what the 1-Day Chart is looking like:
As you can see when comparing these three charts, Ethereum values took a dive at the end of May and have been steadily consolidating to the $600 level throughout the month of June. Unfortunately, Ethereum value dropped approximately $40 over the past 24 hours, but that could provide some opportunities if the market behaves in a similar manner to how it handled the last precipitous drop. As you can see from the 1-month chart, Ethereum experienced a similar drop at the end of May, before steadily climbing back up and stabilizing at the $600 level. As a result of this historical trend, markets will likely see an influx of traders seeking to exploit a “buy low, sell high” opportunity here before the markets recover to somewhere between $580 and $600 (assuming a similar percentage recovery as the last post-dip period).
We hope that you have found the above information useful, and we wish you the best in all of your endeavors.
Sincerely,
CryptoNews 24/7
Disclaimer: As with all investments, only invest in cryptocurrencies up to an amount of money that you are willing to lose. All information contained in this post is designed to reflect the personal musings of CryptoNews 24/7 and should not be construed to constitute financial or investment advice. We here at CryptoNews 24/7 seek to provide information about the cryptocurrency economy and not to offer investment advice or suggest any course of action. Nothing contained within this post should be construed to be an endorsement of any cryptocurrency or trading platform that is mentioned. Do your own research and contact your financial advisor prior to any investments. Invest at your own risk.
last year in the summer we had this same pattern, in Gold they have a saying sell in May and go away. We’ll I’m not saying...and I’m not selling....just HODL 😎
@silvertop May I ask what would have earned your upvote on this post?
Nice post, there are always market ups and downs, I am in Steem/ Steemit because I beleave long term this is the future. I would love to up vote your post later my % is low I am rechargeing 👍
Looks like there was some nice momentum divergence there at 560.
Agreed, our hesitation in how to classify that comes from looking at the 5-day chart where it looked like there was a recovery on the 8th, but this was very quickly followed by the precipitous drop that occurred approximately 15 hours ago. Divergence could signal a full rebound, but our reading of the 5-day chart is that making that assumption would be quite risky, and we would really only do it for a medium investment amount, gambling on riding a minor recovery up for a few hours and dumping before the next slide. Unfortunately, we would not be surprised if the market dips back down to the $500 mark within the next week. What are your thoughts?
Great analysis cryptonews! Sorry forgot to upvote. I agree with you the risk rewards are not there for the short term divergence play. Let’s hope it drops below 500, the cheaper it stays the more opportunity the little guys have to get in. Looking forward to your future posts.
@owinvestments May I ask what would have earned your upvote on this post?
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