Ethereum Price Prediction – June 8
The Ethereum price may be facing a fresh round of selling as the coin remains at a risk of more downsides if it breaks the $2400 support.
Resistance levels: $3200, $3400, $3600
Support levels: $1800, $1600, $1400
ETH/USD has been in consolidation since the rejection from highs close to $2849 yesterday. The bulls were able to hold above $2450 as the choppy market continues to keep most of the buyers on the sidelines. Therefore, if push comes to shove, a further retreat towards $2430 and $2400 could help revive the uptrend by encouraging more buyers to enter the market at a lower price in anticipation of gains above $2500 and $2800.
Ethereum Price Prediction: Further Declines Likely for Ethereum
The Ethereum price is now hovering below the 9-day and 21-day moving averages at the time of writing, having tried to recover from the intraday low of $2351. The technical indicator Relative Strength Index (14) is currently preparing to cross below 40-level. Meanwhile, the second-largest crypto in the coin market cap, with a current market value of $280 billion is losing 3.86% of its value after touching the daily high of $2621.
Moreover, the Ethereum price continues to follow the downward movement within the channel, and any attempt to break below the lower boundary of the channel, the bears may fully step back into the market which could reach the supports at $1800, $1600, and $1400. On the other hand, if bulls push the price back above the 9-day and 21-day moving averages, the Ethereum price could hit resistance levels at $3200, $3400, and $3600 respectively.
When compares with Bitcoin, the Ethereum price remains above the 9-day and 21-day moving averages as the bears are trying to bring the market price to the lower level. ETH/BTC is currently trading at 0.075 BTC and the bulls failed to keep the price above 0.077 BTC. However, looking at the daily chart, if the market begins to drop further, the next key supports may likely be at 0.064 BTC and below.
However, on the upside, a possible bullish movement may likely push the market towards the channel, immediately this is done, the resistance level of 0.090 BTC and above could be visited. The technical indicator Relative Strength Index (14) nosedives below 65-level, suggesting more bearish signals.