Ethereum Experiences A Slump And Fears A Crash To $3,575

Jun 09, 2024 at 21:53 // Price
Coin Idol

The price of Ethereum (ETH) could remain under selling pressure if the bears break the 21-day moving average line or support at $3,700.

Long-term analysis of the Ethereum price: bullish

On the upside, the bullish scenario has become invalid. Buyers have failed to break through the resistance levels above the high of $3,900. The altcoin fell to a low of $3,584 before recovering.

On the downside, the bears have broken the 21-day SMA support, which means the altcoin would drop to a floor above the 50-day SMA or the $3,360 support. In the meantime, Ether has fallen between the moving average lines. At the time of writing, the value of the altcoin stands at $3,679.

Ethereum indicator analysis

After the recent dip, Ether is currently trading below the 21-day SMA but above the 50-day SMA support. Ether is expected to fall if it loses its 21-day SMA support. The presence of doji candlesticks has caused a slight decline. On the 4-hour chart, the 21-day SMA has crossed below the 50-day SMA, which is a bearish signal.

Technical indicators:

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

ETHUSD_(Daily Chart) – June 8.jpg

What is the next direction for Ethereum?

Ethereum has fallen below the moving average lines on the 4-hour chart. On June 7, Ether experienced a breakdown and the altcoin fell to a low of $3,575, but the bulls bought the dips. The bulls halted the slide above the $3,685 support. Ether is consolidating above the $3,685 support. If the current support is broken, selling pressure could continue.

ETHUSD_(4-hour Chart) – June 8.jpg

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 Readers should do their research before investing in funds.

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