HomeAltcoin NewsEthereum Price Analysis: ETH Could Drop To $2.8K

Ethereum Price Analysis: ETH Could Drop To $2.8K

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • Ethereum price started a fresh decline from the $3,300 zone against the US Dollar.
  • ETH price is now trading below $3,200 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $3,400 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to move down towards the $2,820 support zone in the near term.

Ethereum price is gaining pace below $3,000 against the US Dollar. ETH/USD remains at a risk of more downsides towards the $2,820 support zone.

Ethereum Price Analysis

Recently, ethereum struggled to stay above the $3,350 support zone against the US Dollar. ETH price started a fresh decline below the $3,300 level and moved into a bearish zone.

There was a break below a major bullish trend line with support near $3,400 on the 4-hours chart. The pair declined below the 50% Fib retracement level of the upward move from the $2,819 swing low to $3,581 high. The bears gained strength for a move below the $3,250 support zone.

The price is now trading below $3,200 and the 55 simple moving average (4-hours). It is also trading below the 76.4% Fib retracement level of the upward move from the $2,819 swing low to $3,581 high. On the downside, an initial support is near the $2,900 level.

The next major support is now near the $2,820 level. A break below the $2,820 support could push the price to $2,650. Any more losses could lead the price towards $2,550 or even $2,500.

On the upside, the price is facing resistance near the $3,060 level. The first major resistance is now forming near the $3,165 level.

A clear move above the $3,165 level might start a steady increase. The next key resistance is near the $3,300 zone, above which the price might accelerate higher towards the $3,500 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down towards the $2,820 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $2,900, followed by the $2,820 zone.

Key Resistance$ Levels – $3,060 and $3,165.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img