Will $ETH Price Lose $1600 Stand in June?

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.