Ethereum Consolidates in a Tight Range, May Decline Below $1,703

Updated:

Ethereum ETH) Current Statistics
The current price: $1,793.64
Market Capitalization: $217,226,963,247
Trading Volume: $12,568,310,867
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 9, 2022
Ethereum’s (ETH) price is in a downward correction as it may decline below $1,703. Previously, the bears have broken above the previous low and found support above the $1,703 low. The current support has been holding since May 27. On May 30, the bulls attempted to break above the 21-day line SMA but were repelled. Ether retraced and found above $1,703. A further upper move has been restricted by the 21-day line SMA. However, if Ether rebounds above the $1,700 support, the bulls will break the 21-day line SMA. Ether will now rally to the 50-day line SMA. On the downside, if the bears break the current support, the market will further decline to $1.370.

Ethereum Consolidates in a Tight Range, May Decline Below $1,703
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 38 of the Relative Strength Index for period 14. It is in the bearish trend zone as it approaches the oversold region of the market. Ether’s price bars are below the moving averages indicating a further decline in Ether. It is above the 40% range of the daily stochastic. The market is in bullish momentum.

Conclusion
Since May 27, Ethereum has been in a downward move as it may decline below $1,703. A price rebound above the current support will signal the resumption of the uptrend. The selling pressure will resume if the bears break below the $1.703 support. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $1,370.14. From, the price action, the Fibonacci tool will hold, if the previous low is breached.

 Ethereum Consolidates in a Tight Range, May Decline Below $1,703
ETH/USD – Daily Chart

You can purchase crypto coins here. Buy LBlock

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.