Published 2 hours ago
Ethereum Price Prediction: After an excessive downfall in the second week of June, the Ethereum price found suitable footing at the rising support trendline. Moreover, the coin price witnessed a surge in buying pressure as the investors got attracted to the discounted price. The resulting relief rally surged the altcoin 8.3% higher to hit the immediate resistance of $1770. Is the ETH price ready to reclaim lost ground?
Also Read: Buy $ETH at $1700 Dip?; Here’s Why Ethereum Price Remains Bullish in the Long Term
Ethereum Price Daily Chart
- The ETH price wobbled in a no-trading range from $1775 and a rising trendline.
- A downsloping trendline leads to the current correction in the coin
- The intraday trading volume in Ether is $5.8 Billion, indicating a 37.5% loss.
Source-Tradinview
The last three days’ recovery in ETH price faced recuperated selling pressure at $1175 resistance. The long-tail rejection candle at the aforementioned resistance on June 17th indicates the sellers continue to dominate the market, and buyers may struggle to rise higher.
Amid the build-up buying pressure due to discounted price and overall downtrend, the ETH price could see a volatile week ahead. The coin price currently trades at $1731 and could continue to resonate in a narrow range between ascending trendline and $1175 resistance.
Therefore, the potential buyers must wait for a breakout above the $1175 and overhead resistance trendline to get additional confirmation of a potential rally. The post-breakout rally could surge the prices to $1930, followed by $2020, and $2138.
Will $ETH Price Lose $1600?
Until the long-coming support trendline is intact, the Ethereum buyers can hold to their long positions. However, in case of a bearish breakdown below the support trendline, the sellers will gain an additional barrier to pressurize the price lower. This breakdown will signal a trend change which could plunge the prices to the next significant support of $1375.
- Moving Average Convergence/Divergence: An uptick in MACD Slope(blue) shows building buying pressure at the lower levels.
- Bollinger Band: The lower band of the Bollinger band indicator facing downward reflects the selling momentum is still active and therefore, the prices could struggle to make a sharp recovery.
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.
