Ethereum Price Prediction: ETH gains to $4,200 in jeopardy as sellers aim for $1,400

Published June 4, 2021 | Updated June 4, 2021

In Brief
  • Ethereum approached $3,000 on Thursday but failed to progress beyond $2,900.
  • The symmetrical triangle pattern puts Ether in a dilemma; a rally to $4,200 or a breakdown to $1,400.
  • The Short-term technical indicators have bearish impulses adding credence to the bearish narrative.

Ethereum Price Prediction: ETH gains to $4,200 in jeopardy as sellers aim for $1,400

  • Ethereum approached $3,000 on Thursday but failed to progress beyond $2,900.
  • The symmetrical triangle pattern puts Ether in a dilemma; a rally to $4,200 or a breakdown to $1,400.
  • The Short-term technical indicators have bearish impulses adding credence to the bearish narrative.

Ethereum explored levels under $2,200 toward the end of last week. The price drop was in tandem with Bitcoin’s pullback to $33,000. Other crypto assets also suffered, with Ripple revisiting support at $0.8.

A recovery ensued with Ethereum gaining ground above several vital levels, including $2,400, the 50 Simple Moving Average (SMA), and the 100 SMA on the four-hour chart. This bullish showdown was gradual but consistent. However, several attempts to break the hurdle at $2,900 killed the hopes of lifting ETH above $3,000.

Ethereum bulls battle to secure higher support

Ethereum trades at $2,740 at the time of writing and after the rejection from $2,900. All attention is directed to finding higher support to prevent losses from gaining traction. The immediate anchor at $2,700 might try to defend the ongoing correction from revisiting lower levels at the 50 SMA and the 100 SMA.

ETH/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

A symmetrical triangle pattern has been formed on the chart, bringing both bullish and bearish signals into the picture. Note that if the price cracks the upper trend line’s resistance, it will birth a significant uptrend eyeing $4,200.

On the other hand, closing the day under the lower trendline might trigger massive sell orders, placing Ethereum on a downhill journey to $1,400. The dilemma Ethereum faces is reminiscent of the consolidation within the symmetrical triangle.

The least resistance path is downward based on the direction of the Relative Strength Index (RSI). The trend strength indicator moves toward the midline, accentuating the bullish grip. Similarly, the MACD is about to flash a sell signal, further calling more sellers into the market. Hence, failure to hold at the 100 SMA or the 50 SMA could mean a potentially massive drop in the price.

Ethereum intraday levels

Spot rate: $2,740

Trend: Bearish

Volatility: Low

Support: $2,700, the 50SMA and $2,300

Resistance: $2,900 and $3,400

Disclaimer
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.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 998 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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