Ethereum Price Prediction – June 4
The Ethereum price faces downward but the second-largest crypto may continue to move down towards $2500 if it crosses below the channel.
Resistance levels: $3500, $3700, $3900
Support levels: $2000, $1800, $1600
ETH/USD has been dropping with a bearish bias at the European session today. The coin opens at $2856 and it is currently dropping below the $2800 level to touch the daily low of $2555. However, the Ethereum price did start a nasty decline and broke many supports near $2700. However, the Ethereum price could correct higher, but it is likely to face sellers below the 9-day moving average.
Ethereum Price Prediction: Would Ethereum Go Up or Down?
As the Ethereum price moves below the 21-day moving average, there is a close below the $2500 level which could hold the bearish movement. With the look of things, dropping below the 9-day moving average could open the doors for more losses and the price may tumble below the $2300 level, should it spike below the lower boundary of the channel, the critical support levels of $2000, $1800, and $1600 may be tested as the technical indicator Relative Strength Index (14) moves below 50-level.
However, if the bulls push the price above the 21-day moving average, ETH/USD could either recover above $3000 or extend its decline. On the upside, the bulls need to keep the price above the $3200 resistance before reaching the potential resistance levels of $3500, $3700, and $3900. If not, there is a risk of more downsides below the lower boundary of the channel.
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When compares with Bitcoin, the daily chart shows that Ethereum price is ranging within the channel. Meanwhile, as soon as the price stays above the 9-day and 21-day moving averages, there is a possibility that additional benefits could be obtained in the long term. Therefore, if the price keeps rising; it could even break the 8500 SAT and above in future sessions.
Moreover, if the bears regroup now, the 7000 SAT and 6500 SAT may play out before rolling to critical supports at 6000 SAT and below as this may create a new monthly low for the coin. However, the daily outlook is upward movement while the Relative Strength Index (14) is moving in the same direction above the 55-level to keep the bullish movement.