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The Ethereum(ETH) price continues to slide lower within a falling parallel channel. A slow yet steady downfall has brought the coin price to its current level of $1803 and aims to revisit the $1700 mark. However, the technical indicator suggests a rise in bullish momentum and hints breakout from the channel pattern.
Key points:
- The ETH price may soon retest monthly month support of $1700.
- The channel breakout should invalidate the bearish theory.
- The intraday trading volume in Ethereum is $7.8 Billion, indicating a 21.4% loss.
Source- Tradingview
A quick sell-off in May plunged the ETH/USDT pair to a low of $1721 and registered a 51.5 % loss in the last two months. However, responding to the widespread uncertainty in the market, the falling price has slowed down over the past three weeks.
Furthermore, the downfall showcases a descending channel pattern leading the price lower. The recent reversal from the resistance trendline has tumbled the altcoin by 8.56%, bringing its closure to $1700 support.
Therefore, sustained selling pressure may breach lower low support and reflects the continuation of the ongoing downfall. Thus, the resulting fall may pull the ETH price 17% lower to 1400%.
On a contrary note, a falling channel pattern holds a significant possibility of trendline breakout, which may pump the altcoin to $2400 resistance.
Technical indicator-
The Daily RSI slope moving opposite to the falling price action indicates a rise in underlying bullishness. This bullish divergence encourages buyers for trendline breakout.
The super trend indicator accentuates an overall downtrend
The May month bloodbath had enlarged the gap between the downsloping DMAs(20, 50, 100, and 200). However, now the fast-moving 20 DMA has caught up to coin price, the sellers obtained additional resistance to limit the bullish growth.
- Resistance level- $2150, and $2400
- Support level- $1700 and $1600
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