Ethereum (ETH) Perpetual Contract Price Analysis: June 23

Ethereum (ETH) Perpetual Contract Price Analysis: June 23
  • On June 23, the bullish ETH price analysis is at  $1187.45.
  • ETH’s bearish market price analysis for June 23, 2022, is $986.75.
  • Ethereum’s MA shows a downward trend.

In Ethereum Perpetual Future (ETH) price analysis on June 23, 2022, we use price patterns, and the Moving Average of ETH to analyze the future movement of the cryptocurrency. 

Perpetual contracts are derivative contracts similar to futures that have no expiration date or settlement, allowing them to be held or traded for an indefinite amount of time. They are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. Unlike futures, perpetual contracts trade close to the index price of the underlying asset due to perpetual funding rates.

Ethereum (ETH)

A platform powered by blockchain technology is ethereum, well known for its native cryptocurrency called ether, ETH, or Ethereum. Blockchain technology creates distributed consensus about the state of the Ethereum network. New blocks are asses to the very long Ethereum blockchain to process Ethereum transactions and mint new ether coins or to execute smart contracts for Ethereum dApps.

Ethereum is used by tech giants and corporations to develop customized blockchain models. In the coming years, the increased use of Ethereum will lead the creators to switch from the proof-of-work to a new consensus algorithm. 

Ethereum has been trending up over the last few weeks s anticipation build for its massive software upgrade. Investors and developers are calling it the merge and it’s expected to happen over the next few months. It will change how transactions on Ethereum are ordered, making it more efficient and sustainable for widespread use. But until that happens, crypto experts are waiting to see how investors and companies building their tech on Ethereum’s platform respond to the changes. 

Ethereum (ETH) Price Analysis

ETH price analysis on June 23, 2022, is explained below with an hourly time frame.

ETH/USDT Horizontal Channel Pattern (Source: Tradingview)

A horizontal channel or sideways trend has the appearance of a rectangle pattern. It consists of at least four contact points. this is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal, and the prevailing direction of price action is sideways. Horizontal channels form in periods of price consolidation. Buying and selling forces are similar in a horizontal channel until a breakout or breakdown occurs.

Currently, the price of ETH is $1071.98. If the pattern continues, the price of ETH might reach the resistance level of $1187.45 and the buy level of ETH is $1117.55. If the trend reverses, then the price of ETH may fall to $986.75, and the sell level of ETH is $1051.70.

Ethereum (ETH) Moving Average

The ETH’s Moving Average (MA) is shown in the chart below. 

ETH Perpetual Future MA (Source: Tradingview)

Currently, ETH is in a bearish state. However, BTC’s price lies below 50 MA (short-term) and 200 MA. Possibly, ETH can also move above both 200 and 50 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.