Ethereum Price Analysis: Is the $ETH Price Heading Back to $1500?
Ethereum Price Analysis: On June 6th, the Ethereum price recorded around 4% intraday growth and entirely recovered the loss witnessed during the recent wide market sell-off on June 5. This chainsaw movement in price reflects no clear conviction from buyers or sellers to reclaim trend control, indicating that ETH may show sideways action in the coming days. However, with the correction still intact, the potential buyers must wait for a clear indication before entering the market.
Also Read: Will Ethereum Price Break $10k? VanEck Predicts $ETH Price To Reach $11.8k By 2030
Ethereum Price Daily Chart
- Amid the ongoing correction, the ETH price remains above the 38.2 Fibonacci retracement level projecting the long-term trend is bullish
- The 100-day EMA act as a dynamic support trying to uplift Ethereum
- The intraday trading volume in Ether is $3.3 Billion, indicating a 28% loss.
Source- Tradingview
In the daily time frame chart, the Ethereum price formation of a new lower high at $1917, indicating the altcoin is still under a correction phase. However, the highly volatile market has currently turned the tide sideways where the price resonates between $1917 and $1775.
Over the past two months, the ETH sellers have failed several attempts to break this $1775 support validating it as a high accumulation for bulls. If the market sentiment worsens in the coming days, a successful breakdown below $1775 will tumble the coin 5-6% to hit the long-coming support trendline.
The aforementioned trendline is the key support carrying the ongoing uptrend and therefore losing it will create a massive correction.
Will the Ethereum Price Drop to $1500?
Over the past six months, an ascending trendline has been carrying a steady uptrend in Ethereum. By the press, the coin price traders at $1857, and the ongoing correction may plunge to $1680 likely to sign with the uptrend trendline. Only a decisive breakdown below the trendline could accelerate the selling pressure in ETH price down to $1500.
- Vortex Indicator: A bullish alignment in which the VI+(blue) slope stays above and VI-(orange) reflects market sentiment in the current positive.
- Bollinger Band: The flattish band of BB indicator projects the coin price remains in a volatile phase.
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