Ethereum Price Analysis: Sellers in Control May Plunge $ETH Price to $1650; Buy this Dip?

Ethereum Price Analysis: Today on June 10th, the crypto market witnessed a massive liquidation amid the US SEC lawsuit against big crypto exchanges Binance(BNB) and Coinbase(COIN). As a result, the market leaders Bitcoin and Ethereum tumbled 2.5% and 6.5% on intraday levels respectively. Amid this downfall, the ETH price lost crucial monthly support of $1775-$1765 indicating the coin holders could experience an extended correction.

Also Read: Ethereum Co-Founder Names Three Key Transitions to Watch as Network Grows

Ethereum Price Daily Chart

• A bearish breakdown below the $1765 support sets the ETH price on a 5.5% loss
• The long-term trend for Ethereum stays bullish as long as the support trendline is intact;
• The intraday trading volume in Ether is $4.6 Billion, indicating a 0.27% loss.

Source- Tradingview

Today, the Ethereum price showcased a high momentum breakdown from the $1775-$1765 support level. Losing this last swing low support hints the ETH price may prolong the ongoing correction phase.

If the daily candle closes below the $1765 support the selling pressure will accelerate and offer trades the opportunity to short sell. With sustained selling the coin price will tumble 5.5% to hit the long-coming support trendline.

Previously, a retest to this support trendline triggered a significant recovery in the ETH price, validating this level as a crucial accumulation zone. Therefore, potential traders must mark this dynamic support if looking for a dip opportunity.

Will Ethereum Price Reach $1700?

The intense sell-off today backed by high volume indicates the sellers have a strong conviction to take the Ethereum price lower. With the breakdown of $1775-$1765 support, the coin price will more likely plunge to the next significant support of $1700, followed by the combined support of $1650 and ascending trendline.

• Average Directional Index: The uptick in the daily ADX slope assures sufficient strength in sellers to carry further downfall.
• Bollinger Band: A downtick in the lower band of the BB indicator accentuates high momentum selling in the market.