Ethereum Price Prediction: How Long till $ETH Price Stays in a Sideways Trend?
Ethereum Price Prediction: The U.S. Securities and Exchange Commission’s (SEC) action against major cryptocurrency exchanges Binance and Coinbase (COIN) has created indecisiveness among traders. Similar to a majority of major cryptocurrencies, the Ethereum price turned sideways and is now consolidating in a narrow range. The potential traders can use this range to determine the future potential for this altcoin.
Also Read: Will Ethereum Price Break $10k? VanEck Predicts $ETH Price To Reach $11.8k By 2030
Ethereum Price Daily Chart
- The Ethereum fear and greed index at 49% reflect a neutral sentiment in the market
- Under the influence of the rising support trendline, the ETH price remains bullish in the long term
- The intraday trading volume in Ether is $4.47 Billion, indicating a 29% gain.
Source- Tradingview
Despite the June 5th sell-off, the Ethereum price managed to rebound from the muti-month support of $1775 indicating the buyers continue to defend this level. On the flip side, the coin price has recently formed a new lower high of $1915 in its existing downtrend creating a major resistance.
The aforementioned level can greatly influence the ETH price and thus created a narrow range. By the press time, this altcoin trades at $1847, with an intraday gain of 0.1%. So far the coin projects no dominance from buyers and sellers for trend control, suggesting the sideways trend is likely to continue for a few more sessions.
Thus, if the market trend turns bearish, a breakdown below $1775 may plunge the prices below $1700 to meet the long-coming support trendline.
Anyhow, a breakout above $1915 will sign an early sign of a trend change.
Will the Ethereum Price Rise to $2000?
If the crypto market showed no improvement in its sentiment, the Ethereum price could carry this range for a week or two. Only a breakout from either level of this range could offer trades a better conviction for potential trends. A possible breakout above $1915 could boost the buying pressure and surge prices above $2000.
- Directional Movement Index: A bearish alignment in which the DI-(orange) slope stays above and DI+(blue) reflects market sentiment in the current negative.
- Bollinger Band: The bands of the BB indicator moving sideways highlight high volatility in the market.
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