Ethereum short-term outlook


Looking at the volume-price relationship, yesterday's decline in $ETH saw noticeably lower selling volume compared to the drop from June 1 to June 5, and even lighter than the dip from June 18. This suggests selling pressure is continuing to weaken.
As a result, the probability of ETH breaking below the June 6 low of $1,503 in the near term is quite low.
Here's my short-term roadmap for Ethereum:
First, expect a small retest following the U.S. stock market correction.$BTC $ETH
Then, a bounce back to test the descending trendline and the dense resistance zone.
However, that resistance area will be tough to break. After that, I expect a reversal to the downside, breaking below $1,500 to search for a bottom.
Also worth noting: there's significant short liquidity in the futures market between $2,040 and $2,100. Once that liquidity gets swept, ETH is likely to continue its decline.
This is purely analytical, not financial advice.
$ETH ‌
ETH0.41%
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