ETH Price Drops Below $3000

According to the daily chart, the Ethereum price prediction is currently down with a 5.71% price decline after touching the $3038 level.

ETH/USD Market

Key Levels:

Resistance levels: $3400, $3600, $3800

Support levels: $2400, $2200, $2000

ETH/USD has not been able to climb much higher from the $3000 level as the market begins to roll over and fall within the channel. ETH/USD crosses below the 9-day and 21-day moving averages, but it can rise higher and break above $3000 if the bulls return into the market.

Ethereum Price Prediction: Next Direction for Ethereum?

If the sellers continue to add downward pressure to the Ethereum price, initial support could be expected below the lower boundary of the channel. Beneath this, support can be found at $2600 and $2500. On the other hand, if the bulls can defend the $2800 level and allow ETH to rebound, an initial resistance could be located above the 9-day and 21-day moving averages at $1800. Above this, additional resistance is expected at $3400, $3600, and $3800.

Moreover, the Relative Strength Index (14) is crossing below the 40-level, which shows that the bears may continue to dominate the market. If the technical indicator manages to remain above the 40-level then the bulls stand a chance to allow Ethereum to rebound to $2900. However, if it penetrates beneath, the cryptocurrency may continue a downward spiral, and further bearish movement may hit the critical supports at $2400, $2200, and $2000 respectively.

Against Bitcoin, Ethereum price continues to move sideways as the coin breaks below the solid support at 7400 SAT and could remain below the 9-day and 21-day moving averages. The critical support level may be located below the 7500 SAT. However, ETH/BTC remains in a neutral market condition as it manages to rebound higher above the 7491 SAT.

Meanwhile, if the Ethereum price drops below the 7000 SAT then the market would have to be considered bearish, and the critical support level could be found at 6700 SAT and below. However, to turn bullish, ETH must rise much higher and break above the upper boundary of the channel to reach the resistance level of 8300 SAT level and above, but the Relative Strength Index (14) moves to cross below the 50-level.

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