Ethereum (ETH) Price Analysis: Ether Declines as Price Makes Lower Highs and Lower Lows

Key Highlights
Ethereum faces rejection at $2,400
Ether will further decline to $1,791 low

Ethereum ETH) Current Statistics
The current price: $2,351.97
Market Capitalization: $273,474,376,133
Trading Volume: $22,333,746,433
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $1,800, $1,600, $1,400

Ethereum (ETH) Price Analysis June 13, 2021
On June 12, Ethereum dropped to $2,260 low as price corrected upward to $2,460 high. The upward correction has been terminated as the market resumed downward. Since June 7, the biggest altcoin has been making a series of lower highs and lower lows. Ether is falling as price makes lower lows. On the downside, if price breaks below $2,310, the selling pressure will resume.

ETH Technical Indicators Reading
Ether is at level 42 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping and pointing downward indicating the downtrend. Ether is below the 40% range of daily stochastic. It indicates that the market is in the bearish momentum. Ethereum price is below the moving averages which suggests a further downward move.

Conclusion
Ethereum is in a downward move as the altcoin faces rejection. Meanwhile, on June 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.0 Fibonacci extension or level $1,791.46. The market is currently on a downward move.

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