Ethereum Price Prediction: ETH/USD Slumps From $2019 Resistance

Ethereum Price Prediction – June 25

The Ethereum price moves below the key support of $1800 and it may continue to move down towards $1500 support.

ETH/USD Market

Key Levels:

Resistance levels: $2600, $2800, $3000

Support levels: $1300, $1100, $900

ETHUSD – Daily Chart

As the market opens today, after touching the high of $2019 level, ETH/USD is now dropping with a bearish bias. The Ethereum (14) opened at $1988.81 and currently hovering below the 9-day and 21-day moving averages. However, the Ethereum price did start a nasty decline a few days ago and broke many supports below $2300. Meanwhile, the Ethereum price could correct higher, but it is likely to face sellers towards the lower boundary of the channel.

Ethereum Price Prediction: More Falls May Come to Play

On the downside, there is a close below the $1800 level as the Ethereum price is seen sliding below the 9-day and 21-day moving averages with a quick rebound from the daily low of $1792. As a matter of fact, dropping further could open the doors for more losses and the price may tumble below the $1600 level. More so, should it spike below this barrier, the critical support levels of $1300, $1100, and $900 may come into focus as the technical indicator Relative Strength Index (14) nosedives below the 40-level.

In addition, as the daily chart reveals, the Ethereum price could either recover above $2000 or extend its decline below $1500. On the upside, the next major resistance is near the $2100 level. However, the price needs to climb above the $2600, $2800, and $3000 resistance levels for it to move back into a positive zone. If not, there is a risk of more downsides towards the channel.

Against Bitcoin, the daily chart shows that the Ethereum price is trading below the 9-day and 21-day moving averages around 0.057 BTC. As soon as the price crosses above the 9-day MA, there is a possibility that additional benefits could be obtained in the long term and the next resistance key above 0.060 BTC is close. But, if the price begins to rise, it could break above 0.065 BTC and above in the nearest term.

ETHBTC – Daily Chart

Meanwhile, if the bears regroup again, the 0.055 BTC and 0.052 BTC supports may play out before rolling to critical supports at 0.050 BTC and below. However, the Relative Strength Index (14) is moving below the 40-level to enhance the bearish movement.

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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.