Ethereum Rises Back Above $1,700 Despite Threat Of Decline

Jun 13, 2023 at 08:00 // Price
Coin Idol
Ether is at an even higher risk of falling

The Ethereum price (ETH) is falling after hitting the March 27 low again.

Long-term analysis of the Ethereum price: bearish

Bulls bought the dips as Ether fell to a low of $1,687 on June 10. To resume the consolidation, buyers lifted the altcoin above the $1,700 support. At the time of writing, the largest altcoin is currently trading at $1,749.10. Ether has been moving above the current support for the past three days. Its price is currently hovering between $1,720 and $1,780. The largest altcoin will rise if it breaks above the initial resistance at $1,780 and breaks above the moving average lines. The altcoin will then rise back to its previous high of $1,900. However, Ether is currently retesting the historical price level of March 27. In previous price action, Ether rallied above current support on March 28. 

Ethereum indicator analysis

Ether has fallen to its previous low and is approaching the oversold area of the market. It is at level 38 of the Relative Strength Index for period 14. The breakdown is triggered by the price bars being much lower than the moving average lines. Above the stochastic level of 25 on the daily chart, Ether is in an uptrend. The bullish momentum is moving only in a small range. 

ETHUSD_(Daily Chart) – June 12.23.jpg

Technical Indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ethereum is now trading above the historical price level of March 27. If the current support holds, the largest altcoin could complete a bullish reversal. On March 28, altcoin rallied above the $1,700 level and started trending upward again. Since it has regained the previous price level, Ether is at an even higher risk of falling.

 ETHUSD(4 - Hour Chart) – June 12.23.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 CoinIdol. Readers should do their research before investing in funds.

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