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