Ethereum (ETH) Price Analysis: Ether Declines, Faces Rejection at $2,600

Ethereum (ETH) Price Analysis: Ether Declines, Faces Rejection at $2,600

 Key Highlights

Ethereum faces rejection at $2,600
Ether will further decline to $1,982 low

Ethereum ETH) Current Statistics
The current price: $2,444.18
Market Capitalization $284,342,517,673
Trading Volume: $24,043,095,493
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis June 16, 2021
Ethereum is in a downward move. The crypto’s price has been making series of lower highs and lower lows. Buyers could not sustain the price above the lower high of $2,600. Consequently, the market has begun to resume downward. In the lower time frame, Ether’s price has broken below the moving averages. The crypto is expected to fall to the previous low.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto’s price is falling and may break below the resistance line of the descending channel. The selling pressure will resume when price breaks below the resistance line. The altcoin is at level 42 of the Relative Strength Index period 14. It indicates that the ETH is in the downtrend zone and below the centerline 50. The coin is below the 20% range of daily stochastic. It indicates that price has reached the oversold region of the market.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is falling after rejection from $2,600 high. Meanwhile, on June 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.618 Fibonacci extension or level $1,982.06.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.