Ethereum (ETH) Price Analysis: Ether Pushes on the downside, Targets level $1,369

Ethereum (ETH) Price Analysis: Ether Pushes on the downside, Targets level $1,369


Key Highlights
Ethereum is approaching the previous low at level $1,755
The biggest altcoin faces rejection at the 21-day SMA.

Ethereum ETH) Current Statistics
The current price: $1,849.13
Market Capitalization: $214,764,760,795
Trading Volume: $18,649,203,323
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis June 27, 2021
Ethereum has continued its downward move. After the rejection at the $2,900, Ether price is making lower highs and lower lows. The biggest altcoin is falling and approaching the previous low at $1,755. The selling pressure will resume if price breaks below the $1,755 support. Meanwhile, on May 19 downtrend; a retraced candle body tested 78.6 % Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.272 Fibonacci extension or reverse or level $1,369.95.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 34 of the Relative Strength Index period 14. The biggest altcoin will be in the oversold region if price falls below level 30 of the RSI. The crypto’s price is below the 40% range of the daily stochastic. It indicates that Ether is in the bearish momentum.

ETH/USD – 4 Hour Chart

Conclusion
On the 4 hour Chart, Ethereum resumes selling pressure after facing rejection at the 21-day SMA. ETH/USD has reached bearish exhaustion. Meanwhile, on June 22 downtrend; a retraced candle body tested 78.6 % Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.272 Fibonacci extension and reverse. That is level $1,458.74 low.


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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.