Published 21 mins ago
With the increasing bearishness in the crypto market, the Ethereum price lost 9.3% since last week and plunged below the monthly support of $1775-1765. This high momentum breakdown sets the ETH price for a potential downfall to the long-coming support trendline at $1651. However, the coin price faces a minor hurdle at $1700 psychological support indicating a temporary consolidation is plausible.
Also Read: Ethereum Co-Founder Names Three Key Transitions to Watch as Network Grows
Ethereum Price Daily Chart
- The Ethereum price could resonate between the $1775 and $1700 levels before the next dynamic move.
- The ascending trendline could offer pullback opportunities to long-term buyers.
- The intraday trading volume in Ether is $5.07 Billion, indicating a 0.14% gain.
Source- Tradingview
After the bearish breakdown from $1765 support on June 10th, the Ethereum price found immediate support at $1700. The daily chart showcasing lower wick rejection at this support indicates the demand pressure is rising.
Thus, the ETH price could witness a minor relief rally to retest the breached $1775 support as potential resistance. The coin price trading between the two important chart levels could trigger a minor consolidation before resuming the prevailing downtrend.
If the traders face enough supply pressure at $1775, a downfall to lower the trendline is likely to occur in a week or two.
A retest to the dynamic supply will determine if the Ethereum coin is ready for bullish recovery or if the sellers could prolong the correction phase.
Where is the $ETH Price heading; $2000 or $1650?
Amidst the current negative sentiment for altcoin, the downward approach seems more reasonable for the Ethereum coin. As mentioned, the coin price could witness a minor consolidation in the coming days as traders face demand pressure at $1700 support. However, the overall downtrend may eventually plunge the price to $1650 and take support from the long-coming trendline.
- Relative Strength Index: The daily RSI slope dived into the oversold region indicating the selling activity went extreme and consolidation may stabilize the price action.
- Average Directional Index: The daily ADX uptick at 21% reflects the bear trend has enough strength to lead to further correction.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
