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    Home » ETH » Ethereum Price Analysis: ETH Bulls Defending an Important Level, Will $2,500 Hold?

    Ethereum Price Analysis: ETH Bulls Defending an Important Level, Will $2,500 Hold?

    Author: Yaz Sheikh

    Last Updated Jun 10, 2021 @ 14:03

    Ethereum’s price is down more than 6% over the past week and bulls find themselves in a position to defend the important $2,500 level, but will it hold?

    ETH/USD – ETH Falls Beneath Ascending Triangle.

    Key Support Levels: $2470, $2330, $2200.
    Key Resistance Levels: $2700, $2890, $3000.

    ETH fell beneath an ascending triangle pattern tracking over the past fortnight after dropping to $2600 on Monday. It fell beneath the lower boundary (dashed line) and continued until support was established around the $2500 level.

    The coin did spike as low as $2330 during the week but is now attempting to maintain itself above the newly formed rising trend line, which might start making a new lower boundary for the triangle.

    Yesterday, ETH did rebound from this rising trend line but was unable to overcome resistance at $2600. It has since dropped back beneath this resistance today and is trading near $2560.

    ethusd-jun10
    ETH/USD Daily Chart. Source: TradingView.

    ETH-USD Short Term Price Prediction

    Looking ahead, if the bears push beneath the rising trend line, the first support lies at $2470 (.382 Fib). This is followed by $2330 (.5 Fib), $2200 (.618 Fib), and $2036 (Feb 2021 highs).

    On the other side, the first strong resistance lies at $2700. This is followed by $2890 (bearish .382 Fib), $3000, and $3135 (bearish .5 Fib).

    The daily RSI made a new lower low in June beneath the midline, indicating that the bearish momentum is starting to increase again. If the RSI drops beneath the 40 level, we can expect the increased bearish momentum to drive ETH back to $2200 at the very least.

    ETH/BTC – ETH Drops 12% From June Highs

    Key Support Levels: 0.0666 BTC, 0.0641 BTC, 0.062 BTC.
    Key Resistance Levels: 0.07 BTC, 0.0737 BTC, 0.077 BTC.

    ETH started June on a promising footing as it broke resistance at 0.0737 BTC (bearish .618 Fib) toward the end of last week. In doing so, it penetrated above an ascending triangle pattern and continued higher to meet resistance at 0.077 BTC (1.414 Fib Extension).

    Unfortunately, the buyers were unable to continue beyond 0.077 BTC and rolled over from there on Tuesday. Yesterday, ETH dropped beneath the support at 0.075 BTC, and it continued beneath 0.07 BTC today to hit 0.068 BTC.

    ethbtc-jun10
    ETH/BTC Daily Chart. Source: TradingView.

    ETH-BTC Short Term Price Prediction

    Looking ahead, if the sellers continue lower, the first support is expected at 0.0666 BTC (.5 Fib). This is followed by 0.0641 BTC (.618 Fib), 0.062 BTC, and 0.06 BTC (May support).

    On the other side, the first resistance lies at 0.07 BTC. This is followed by 0.0737 BTC (bearish .618 Fib), 0.077 BTC (June highs), and 0.08 BTC.

    The RSI has also plummeted beneath the midline, indicating that the bears have regained control of the market momentum.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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