Ethereum Price Hovers above $2,400 as Sellers Threaten to Short

Jun 11, 2021 at 14:17 // News
Coin Idol
The current downturn was a result of the rejection at the high of $2,600

Ethereum (ETH) is struggling below the $2,500 and further decline is possible if the bulls fail to resume upside momentum.

Ethereum Price Long-Term Analysis: Bullish

Ethereum bulls were earlier struggling to sustain above the $2,900 since May 20. The bears have been defending the $2,900 resistance relentlessly. If buyers are successful above $2,900, a rally above $3,100 is expected.

The biggest altcoin will resume up trending. On several occasions, buyers have made futile attempts to break above $2,900 resistance. Each attempt has been repelled as the altcoin declined to $2,200. 

Today, Ether is consolidating below the $2,520 resistance. The current downturn was a result of the rejection at the high of $2,600. If the price falls and breaks below the $2,300 support, the downtrend will extend to $2,100.

Ethereum Indicator Analysis  

The crypto is at level 44 of the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the centerline 50. Ether price is still below the moving averages which makes it prone to decline on the downside. The crypto is above the 25% range of the daily stochastic. Ether is approaching the oversold region.


Technical indicators:  

Major Resistance Levels – $4,000 and $4,500

Major Support Levels – $2.500 and $2,000

What Is the Next Direction for Ethereum? 

Ethereum is in a downward move. The biggest altcoin is reaching bearish exhaustion. Meanwhile, on June 8 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or level $2,315.30 and reverse.  

ETH - COINIDOL 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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