Ethereum Risks Decline As It Hovers Above The $3,600 Low

Ethereum (ETH) Current Statistics
The current price: $3,686.68
Market Capitalization: $442,970,419,195
Trading Volume: $7,963,981,693
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis June 10, 2024
Ethereum’s (ETH) price breaks below the 21-day SMA as it hovers above the $3,600 low. Ether reached a low of $3,584 before recovering. The selling pressure has eased as bulls have bought the dips. The cryptocurrency value corrected upward and continued consolidation above the $3,600 support.

Ether is trading below the 21-day SMA resistance but above the 50-day SMA support. On the upside, if buyers sustain the price above the 21-day SMA, the altcoin will retest its prior high of $3,975. On the downside, Ether will fall above the 50-day SMA, or $3,370 if it is rejected at the 21-day SMA.

Meanwhile, the ETH/USD exchange rate is at $3,686 at the time of writing.

ETH Technical Indicators Reading
Ether is declining but trading between the moving average lines. The selling pressure has subsided as the altcoin trades between the moving average lines. The altcoin runs the possibility of plunging considerably lower to a low above the 50-day SMA, or $3,370, as it breaks through the 21-day SMA support.

On the 4-hour charts, the moving average lines slant downward, indicating the current trend.


Conclusion
Ether recovers above its $3,575 support but hovers above the $3,600 low. Since June 7, the cryptocurrency has consolidated above the $3,600 support. On the upside, Ether will encounter resistance at $3,730 or the 21-day moving average line.

If the present support level of $3,600 is breached, selling pressure will resume. Meanwhile, the cryptocurrency signal remains unfavorable.

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