ETH May Fall Below $3000
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The Ethereum price prediction may likely face a crucial support level which could take the second digital asset to the downside.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3800, $4000
Support levels: $2600, $2400, $2200
At the time of writing, ETH/USD is trading down by 0.79% at its current price of $3077, which marks a slight decline from its daily high of $3169 that was set today. However, in the past few days, ETH/USD has been able to find some support in the lower $2880 level, as it is likely to cross below the 9-day moving average.
Ethereum Price Prediction: Ethereum Price May Consolidate
The Ethereum price is currently facing the downside as many traders were expecting the coin to resume uptrends but the 9-day moving average is still below the 21-day moving average. Although, the Ethereum price is currently hovering above the 9-day moving average changing hands at $3077 which is yet to break towards the upper boundary of the channel.
Moreover, a bearish drop may continue to roll the market down to the support level of $2600, $2400, and $2200 while a possible bullish surge may drive the market towards the upside to hit the nearest resistance at $3500 as the $3600, $3800, and $400 may further provide resistance levels for the market. Meanwhile, the Relative Strength Index (14) is still below 50-level, crossing above this level may cause the coin to revisit the $3200 resistance level.
Against Bitcoin, the Ethereum price is currently moving sideways as the bulls couldn’t push the price above the 9-day and 21-day moving averages. However, if the market drops and faces the lower boundary of the channel, the next key supports may come at 6700 SAT and below.
However, on the upside, any bullish movement above the channel may push the market towards the resistance level of 8200 SAT and above. On the contrary, the technical indicator Relative Strength Index (14) is moving to cross below the 40-level, suggesting that the market may begin to follow the bearish movement.
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