ETH Corrects 5.04% As Price Fails to Touch $1,800

The Ethereum price prediction shows that ETH could not break above the resistance level of $1800 to create additional gains.

Ethereum Prediction Statistics Data:

• Ethereum price now – $1,687
• Ethereum market cap – $205.6 billion
• Ethereum circulating supply – 121.8 million
• Ethereum total supply – 121.8 million
• Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $2500, $2700, $2900

Support levels: $1000, $800, $600

ETH/USD is trading at $1687 where a bearish momentum is building, the technical indicator Relative Strength Index (14) shows that the bearish movement may be coming close as the signal line is moving below the 60-level. However, the 9-day and 21-day moving averages indicate that bears are likely to have the ability to control the market if the price slides below the 21-day moving average.

Ethereum Price Prediction: Ethereum (ETH) May Cross into the Downside

As the Ethereum price heads to cross below the 9-day and 21-day moving averages within the channel, the coin is likely to embark on a movement towards the downside or begin a sideways movement above the 9-day MA. However, a sustainable move from the current value may hit the resistance at $1800, and this could improve the bullish movement and allow for an extended recovery above the channel. However, if the coin stays above this level, it could negate the bearish scenario and bring the nearest resistance of $2500, $2700, and $2900 levels into play.

Meanwhile, the Relative Strength Index (14) may remain below 60-level, but any further bearish movement below the 50-level could worsen the technical picture and lay the ground for the further sell-off towards the lower boundary of the channel which could locate the supports at $1000, $800, and $600 respectively.

Against Bitcoin, the Ethereum (ETH) is still above the 9-day and 21-day moving averages as the bears are resuming back into the market. However, if the market drops below the lower boundary of the channel, the next key support may come at 6000 SAT and below.

However, on the upside, if the coin crosses above the upper boundary of the channel, the resistance level of 9000 SAT and above may be visited. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below the 60-level, suggesting that the market may begin to go down.

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