FX.co ★ Technical Analysis of ETH/USD for June 4, 2021

Crypto Industry News:

NortonLifeLock has launched Norton Crypto, a tool that enables consumers to "safely" mine cryptocurrency through Norton 360.

From Thursday, selected users will be invited to join Norton's Ethereum mining program. The company also plans to make the service available to its nearly 13 million customers in the coming months. Norton stressed that its service allows users to mine without having to turn off their antivirus software.

Norton said it plans to support the mining of other "top cryptocurrencies", stating:

While the company will start helping clients to mine Ethereum safely, NortonLifeLock is considering adding reputable cryptocurrencies in the future.

NortonLifeLock's director of products, Vincent Pilette, is proud to make his company the first cybersecurity company to offer services that enable miners to "safely and easily turn idle time on their computers into an opportunity to acquire digital currency."

Technical Market Outlook:

The ETH/USD bounce has been capped at the level of $2,861 when a Pin Bar candlestick was made. The market pulled-back towards the level of $2,639, which is a local technical support for the price. As long as the price is still under the level of $2,914, the bears are still in full control of the market and the next target for bears is seen at the level of $1,729, $1,633 and $1,544. The nearest technical support is still seen at the level of $2,201.

Weekly Pivot Points:

WR3 - $4,688

WR2 - $4,131

WR1 - $2,922

Weekly Pivot - $2,341

WS1 - $1,141

WS2 - $579

WS3 - $181

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.