Ethereum Price Prediction – June 10
The Ethereum price sees a 6.57% price fall within the few hours of trading as it drops back towards $2400.
ETH/USD Market
Key Levels:
Resistance levels: $3200, $3400, $3600
Support levels: $1800, $1600, $1400
ETH/USD is currently declining and it may likely trade below the lower boundary of the channel. The Ethereum price is holding the $2428 support level, but there is a possibility of sideways movement in the nearest term. The pair is currently consolidating near $2400 and it could decline towards the $2200 support as the technical indicator faces the south. More so, the Ethereum price is struggling to resume higher and it might revisit the $2400 support level before it could climb again.
Ethereum Price Prediction: Will ETH see a further Downside?
If there is an upside break above $2500, the Ethereum price could test the $3000 resistance level. Any further gains might push the price towards the $3200, $3400, and $3600 resistance levels. On the downside, the $2200 level is initial support. If there are more downsides, the price could test the critical support levels of $1800, $1600, and $1400, where the bulls are likely to take a stand.
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In the meantime, ETH/USD is yet to show some positive signs above the $2800 level, but it could dip further in the short term. Having said that, the Ethereum price may likely bounce back above $2600, as long as there is no daily close below $2400. However, the Relative Strength Index (14) is following a sideways movement at 44-level, indicating an indecisive market movement.
Against Bitcoin, the Ethereum price is now trading below the 9-day and 21-day moving averages within the ascending channel as the bears are still dominating the market. ETH/BTC is currently trading at 0.0678 BTC and the bulls couldn’t push the price to the north. Looking at the chart, if the price continues to drop, the next key supports may likely be at 0.056 BTC and below.
In other words, a possible bullish movement could push the market above the 9-day and 21-day moving averages within the channel, a break above this may enable Ethereum price to reach a high of 0.820 BTC and above but the Relative Strength Index (14) is crossing below 50-level, which shows that the market might experience more downtrends.
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