Ethereum Price Prediction: ETH/USD Slides Below $2500

Ethereum Price Prediction
Ethereum Price Prediction

Ethereum Price Prediction – June 17

The Ethereum price is likely to lose ground towards $2,300 but the recovery above this level may help to mitigate the initial pressure.

ETH/USD Market

Key Levels:

Resistance levels: $3100, $3300, $3500

Support levels: $1700, $1500, $1300

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD is currently following the downtrend and it may likely trade below the lower boundary of the channel if the bulls fail to hold the current market value. However, the Ethereum price touches the $2306 support level, but there is a continuation of sideways movement in the near term.

The second-largest cryptocurrency is currently consolidating near $2500 and it could decline towards the $2000 support if the technical indicator faces the south. Meanwhile, the Ethereum price is struggling to resume higher and the price might revisit the $2000 support level before it could climb again.

Ethereum Price Prediction: Next Direction for Ethereum (ETH)?

If the Ethereum price continues to trade below the 9-day and 21-day moving averages, it is likely for the coin to experience another sharp drop below the $2000 support. However, if there is an upside break above $2700, the price could test the $2800 resistance level. Any further gains might push the price towards the $3100, $3300, and $3500 resistance levels.

On the downside, the $2300 level is initial support. If there are more downsides, the price could touch the critical support levels at $1700, $1500, and $1300. However, ETH/USD is yet to show some positive signs but with the look of things, it might dip further in the short term. The Relative Strength Index (14) is seen moving above 40-level, indicating an indecisive market movement.

Against Bitcoin, the Ethereum price keeps hovering below the 9-day and 21-day moving averages as the bears are still dominating the market. At the moment, ETH/BTC is currently trading at 6190 SAT and the bulls is yet to push the price to the north. Therefore, if the price drop below the lower boundary of the channel, the next key supports may likely be at 5200 SAT and below.

ETHBTC – Daily Chart

However, a possible bullish movement could push the market towards the moving averages of 9-day and 21-day within the channel, a break above this may enable the Ethereum price to reach a high of 7300 SAT and above but the RSI (14) is moving around 40-level, which shows that the market might experience a sideways movement.

Looking to buy or trade Ethereum (ETH) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.