Ethereum (ETH) Price Analysis: Ether Resumes Downtrend, Faces Rejection at Level $2,265

20 June 2021 | Updated: 20 June 2021

Key Highlights
Ethereum price breaks previous support at level $2265
The biggest targets level $1,755

Ethereum ETH) Current Statistics
The current price: $2,100.80
Market Capitalization: $244,465,784,798
Trading Volume: $19,885,847,689
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis June 20, 2021
Ethereum price is falling as price breaks the current support and retested it. Ether price breaks below the descending channel and resumes a downward move. The biggest altcoin is likely to revisit the previous low at $1,755. On May 23, Ether plunged to $1,755 low as bulls bought the dips. The market rallied to $2,900. Today, the bears are attempting to revisit the previous low.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto’s price breaks below the resistance line of the descending channel. It indicates that the selling pressure will resume as price breaks below it. The altcoin is at level 36 of the Relative Strength Index period 14. Ether will fall into the oversold region if price falls below level 30. It indicates that ETH is in the downtrend zone and below the centerline 50.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has resumed selling pressure. 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 $1,992.53. From the price action, the market has reached a low of $2,100.

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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.