$ETH Price Poised to Hit $1700 as Buyers Lose Major Support

Ethereum Price Prediction: On May 28th, the Ethereum price gave a bullish breakout from a falling wedge pattern indicating the buyers are trying to regain trend control. However, with increased selling pressure in the market, the prices failed to sustain higher levels and plunged back below the breached trendline. This failed breakout indicates the sellers are still dominating and could prolong the ongoing correction.

Also Read: Binance Moves Millions Of Ethereum (ETH) For Staking As BETH Depegs

Ethereum Price Daily Chart

• A breakdown below the $1850 support accelerates the supply momentum in the ETH price
• The 200-day EMA support wavering near the $1700 mark creates a strong demand zone
• The intraday trading volume in Ether is $9.8 Billion, indicating an 87% gain.

Source- Tradingview

On June 5th, the Ethereum price witnessed a nearly 4.25% intraday loss and a slump below the combined support of $1850 and the recently reclaimed trendline. This breakdown may trap hasty buyers who entered on the May 28th breakout and could get forced to liquidate if they maintain a narrow stop loss.

Today, the ETH price is up 1.2%, and retest the breached trendline as potential resistance. If the coin price showed sustainability below this trendline, the sellers will likely tumble this coin 6.6% down to hit $1700.

Anyhow, the daily chart shows a long-coming support trendline(blue) leading the overall support in ETH. Until this trendline persists, the coin holders could maintain their bullish outlook.

Will Ethereum Price Ready to Hit $2000?

The wedge pattern breakout was a sign of a trend reversal which set the ETH price on a recovery path. In technical analysis, the swing highs formed during the development of the chart pattern are the significant target. Therefore, if the buyer breaches $1922 in the coming week, the price will witness a sharp rally to $2000. 

• Bollinger Band: The Ethereum price plunged below the midline of the BB indicator offering an extra edge to market traders.
• Moving Average Convergence Divergence: A bearish crossover between the MACD(blue) and signal(orange) reflects the bear trend remains intact.