Ethereum (ETH) is looking to make another move higher over this month. Price action has been bullish over the last few days, with ETH closing above its 20-day moving average for the first time in a month. As such, we believe today’s candle will be followed by a strong close above $240. Resistance is ahead at $250, while a close below this level will see ETH retest its lows at $200.
For those of you who want to learn more about Ethereum price analysis, I recommend it. If you want to find out the most important things about the Ethereum price, then you should know how to analyze the Ethereum price. To be able to do this, we will need to know a few important things.Summary of the situation
- Ethereum price analysis shows increasing volatility before options expire.
- In the past 24 hours, the price of ETH/USD has fallen sharply from $2,316 to $2,151.
- Ethereum is under selling pressure due to the upcoming expiration of bulk options.
- ETH needs to break through the $2,500 barrier to continue the uptrend.
Cryptocurrency Heatmap from Coin360 Ethereum bulls were again pushed off the $2,500 resistance level. The price of ETH/USD has fallen to a low of $2,151 and is currently hovering in the $2,200 zone. Resistance at $2500 is not an easy area to overcome. The overall negative sentiment in the crypto-currency market makes things even worse for the bulls. The stagnation phase seems to continue as most altcoins search for direction. The downward sloping price channel indicates a continuation of the downward movement in the short term. In addition, bitcoin has also been pushed off the $37,000 mark, making the outlook for other altcoins bleak. The narrow price range remains between $2,450 and $2,200. The upcoming expiration of $1.50 billion in options on the 25th. The month of June encourages traders not to take long positions. Risk aversion is contributing to the continued weakness in stock prices. A bearish price channel is causing ETH/USD to drop below the 200-day EMA. Support at $2,000 would likely help the pair avoid an immediate sale.
Ethereum price movement in the last 24 hours: ETH strongly mimics bitcoin
The world’s second largest cryptocurrency, ETH, seems to be following its lead from bitcoin. The sharp drop from $2,346 to a low of $2,151 reflected the overall weakness of the market. The price failed to break above the $2,900 resistance zone where the 50-day moving average is located. The drop from $2,640 on the daily charts is also a cause for concern for the bulls. At the time of writing, the ETH/USD pair is trading near the $2,210 level. The lower candlestick pattern indicates that the pair will experience additional selling pressure in the near future. With lower volume, the bulls will not be able to defend the $2,100 level. Until the broader market finds support, Ethereum’s price analysis will remain cash-neutral. In the second quarter, significantly more options expired, at $1.5 billion. This figure has put undue pressure on the pair over the past two weeks, causing it to lose almost 20% of its value. Bulls expect the high volatility to cause an upward trend on the charts. According to the Ethereum price analysis, the movements in the daily chart are neutral and will largely depend on how the expiration plays out in the coming week.
ETH/USD 4-hour chart: Support below $2,000 draws bears
Ethereum price chart by TradingView The declining price channel is moving quickly towards immediate support at the $2,100 level. The next support lies at the $2,000 level, where bulls are likely to place large buy orders to save the pair. Today’s drop to $2,151 has also led to a similar reaction, with the bulls directing the pair towards the $2,250 short-term resistance. Initial resistance at $2,640 represents a serious challenge for the bulls, according to Ethereum price analysis. The US Fed’s hawkish surprise is also reflected in the markets’ decline. According to Ethereum’s price analysis, the pair is rapidly falling below its 50-day exponential moving average. The RSI is hovering at 29, dangerously close to oversold territory on the hourly chart. There is a small pivot point at the $2,200 level that could provide good support, but the overall direction appears to be more bearish. In the short term, the range will shift downward. Support at $2,203 will give way to $2,180 and then the pair will eventually drop and hit the $2,150 area. The bears will push the pair towards $2,000, where the real test for ETH/USD will begin. Analysis of the Ethereum price shows that it all depends on the expiration date of the options.
Ethereum Price Analysis Number: All eyes on the $2,000 bracket
Over the past two weeks, the price of ETH/USD has remained in a range with repeated failures in attempts to break through the $2,500 resistance zone. A decisive direction is still undecided as strong selling slows any upward trend. Ethereum price analysis shows that a bearish reversal is imminent in the medium term. If a deeper correction comes, it remains to be seen what could bring the ETH price below $2,000. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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