NewsletterEthereum Price Analysis: Crucial Levels to Watch as $ETH Price Shows Recovery Signs
Ethereum Price Prediction: On June 15th, the falling Ethereum price found significant footing at an ascending support trendline(blue) and triggered a new relief rally. Thus, the coin price surged 8.5% in just three days and reached the immediate resistance of $1775-$1765. However, the selling pressure accumulated at this barrier has halted the rising prices that indicate the ETH coin price may witness a minor consolidation before establishing a significant recovery rally.
Also Read: JPMorgan Backs Hinman Speech On Ethereum; Crypto Expert Says This Is Not The Case
Ethereum Price Daily Chart
- Higher price rejection candles at $1775-$1765 reflect the sellers are actively defending this level
- A breakdown below the support trendline could trigger a massive correction in the Ethereum price
- The intraday trading volume in Ether is $5.7 Billion, indicating a 57.5% gain.
Source- Tradingview
Over the past four days, the Ethereum price has been moving sideways below the $1775-$1765 resistance. The daily candle projected short-bodied candles and relatively longer rejection wicks on the upside indicating the prices are witnessing overhead supply pressure.
This overhead resistance continues to pressurize buyers and may trigger a temporary sideways trend. However, amid the potential consolidation, a retest to the lower trendline may attract more buyers interested in discounted prices.
Anyhow, for buyers to obtain a sustained recovery rally, the buyers need to breach $1775 and the downsloping trendline. This breakout could signal a resurgence of bullish momentum and offer traders a long opportunity with a potential target of $1926, $2020, and $2130.
Is ETH Price Ready for Recovery?
Under the influence of a resistance trendline(red), the Ethereum price is still under a correction phase. With the current uncertainty in the market, the coin price may go sideways below the $1775 level before making an attempt to rise higher. However, a breakout above the trendline could project a signal of significant recovery.
- Directional Movement Index: The DI+ and DI- slope gradually closing in for a positive crossover project losing bearish momentum.
- Exponential Moving Average: The daily EMAs(20, 50, and 100) wavering near the $1775 barrier created a high supply zone for traders.
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