Bitcoin and Ethereum analysis – BTC and ETH price on Monday, June 06, 2022

Last week ended with a sigh of relief. Indeed, the total market capitalization of the cryptocurrency market closed slightly in the green, after two months of decline. However, this does not mean that a trend reversal will occur immediately. Because the crisis of confidence caused by the collapse of the stablecoin UST remains deeper than expected.

This analysis is offered to you in collaboration with Le Trading du Coin and its algorithmic trading solution.

Despite the end of their respective black series, the latest technical analyzes of Bitcoin and Ethereum are not mistaken. And, strong in this relentless observation, their bear markets could be protracted if the current financial market uncertainties spiral out of control. Nevertheless, and in the meantime, hopes for a technical rebound seem to be gaining a little more ground.

Bitcoin – Confirmation above $30,000?

Despite some concerns over the weekend, Bitcoin finally ended its nine-week streak of declines. To the delight of cryptocurrency investors, it turns the test into this Monday beyond the $30,000 support. That being said, there is nothing to confirm that a technical rebound has been acquired.

Weekly Bitcoin Price Analysis - June 06, 2022

And for good reason, sound output tidy or horizontal channel (orange rectangle) from below is the essential marker of this BTC bear market, engaged since its last ATH of November 2021. At the same time, it confirms the opposing forces already present, such as the shoulder-head-shoulder (ETE) and the descending line. This follows its last failure below the resistance of $46,000.

The slight signs of losing momentum on the downside coming from the technical indicators may not upset the current Bitcoin price momentum. Especially since the 30-week moving average (weekly 30MM) is moving in line with the descending line. This purely and simply validates the phase 4 of Weinstein, for the BTC as for the whole cryptocurrency market.

But in a positive case where the MACD and the RSI would come back in the direction of their respective fold linesthey could contribute to this technical rebound towards the bottom of its tidy at $35,000.

Ethereum – Confirmation above $1700?

At around $30, Ethereum managed to close above the $1700 support. So that the streak of eight consecutive weeks of decline is ending for him as well. In continuity, he tries to quickly rally the symbolic bar of $2,000. Nevertheless, the technical rebound would first require the downside pressure to ease.

Weekly Ethereum Price Analysis - June 06, 2022

Just like bitcoin, the sound drop output tidy is the main driver of its bear market since its last ATH in November 2021. A movement that unfortunately coincided with the birth of a huge bearish weekly candle (week of May 09). And the least we can say is that this week’s rise in ETH is clearly struggling to fill it. Unfavorable technical signals that argue in favor ofa difficult technical rebound. With a phase 4 of Weinstein which, meanwhile, is running its course.

To find some reasons for hope, we will have to look at the technical indicators in weekly units. On the one hand, the bearish momentum of the MACD calms down timidly. And on the other hand, the RSI tries to move away from the oversold zone at best. If their respective slight upturns in form were to be confirmed during this week, a technical rebound in ETH prices could well materialize. With the objective, the bottom of its range located around $2300.

BTC and ETH – Better than a technical bounce?

When it comes to a technical rebound, many tend to refer to it as dead cat bounce or dead cat bounce. Because it is a classic process in a bear market. Especially when sellers keep price control, but leave some doors open for buyers to better counterattack. In this sense, the supports of Bitcoin at $30,000 and Ethereum at $1,700 could be the starting points for temporary upside movements.

After several weeks of declines, sellers may be tempted to take some of their profits. In contrast, the idea of ​​hoping better than a technical rebound should be discarded until proven otherwise. And this especially because of favorable trend reversal chart levels still very far away at the present time.

Aware of the intensity of the current uncertainties on the financial markets and of the constraint on central banks to slow down their monetary policies, sellers are well aware that most of the decline has not yet reached its peak. Hence the probability of a continuation of this current trend which could result in a capitalization phase. The latter eliminating for good the bullish madness linked to the abundant liquidity of the Covid-19 crisis.


Trading cryptocurrencies carries a high level of risk, and may not be suitable for everyone. It is recommended that you fully inform yourself of the associated risks, and only invest amounts that you can afford to lose.

The content offered on the CryptoActu.com site is solely for educational and informative purposes. They do not in any way constitute recommendations and cannot be considered as an invitation to trade financial instruments.

The CryptoActu.com site does not guarantee the results or the performance of the financial instruments presented. Consequently, we decline any responsibility in the use which can be made of this information and the consequences which can result from it.

Leave a Comment