Ethereum (ETH) Price Analysis: Ether Resumes Selling Pressure as It Faces Rejection at $2,034

23 June 2021 | Updated: 23 June 2021

Key Highlights
Ethereum price faces rejection at $2,034
The altcoin has resumed selling pressure

Ethereum ETH) Current Statistics
The current price: $1,936.18
Market Capitalization: $225,934,662,449
Trading Volume: $26,606,288,953
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis June 23, 2021
Yesterday, Ether plunged to level $1,711 as bulls bought the dips. The crypto’s price corrected upward to level $2,034 but was repelled. The altcoin is likely to resume downward as it faces rejection. The market will decline to the previous low at either levels $1825 or $1755. Ether is in a downward correction as price fluctuates above level $1,740.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 36 of the Relative Strength Index period 14. Ether is approaching the oversold region. The crypto’s price is below the moving averages which suggest further downside. It indicates that ETH is in the downtrend zone and below the centerline 50.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is falling because of the latest 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 $1,761.75. From the price action, the market is falling and has reached a low of $1,956.60.

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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.