Will Ethereum Price Soar to $1900?; Multiple Support Sets Stage for Relief Rally

With the increasing bearishness in the crypto market, the Ethereum price lost 9.3% since last week and plunged below the monthly support of $1775-1765. This high momentum breakdown sets the ETH price for a potential downfall to the long-coming support trendline at $1651. However, the coin price faces a minor hurdle at $1700 psychological support indicating a temporary consolidation is plausible.

Also Read: Ethereum Co-Founder Names Three Key Transitions to Watch as Network Grows

Ethereum Price Daily Chart

• The Ethereum price could resonate between the $1775 and $1700 levels before the next dynamic move.
• The ascending trendline could offer pullback opportunities to long-term buyers.
• The intraday trading volume in Ether is $5.07 Billion, indicating a 0.14% gain.

Source- Tradingview

After the bearish breakdown from $1765 support on June 10th, the Ethereum price found immediate support at $1700. The daily chart showcasing lower wick rejection at this support indicates the demand pressure is rising. 

Thus, the ETH price could witness a minor relief rally to retest the breached $1775 support as potential resistance. The coin price trading between the two important chart levels could trigger a minor consolidation before resuming the prevailing downtrend.

If the traders face enough supply pressure at $1775, a downfall to lower the trendline is likely to occur in a week or two.  

A retest to the dynamic supply will determine if the Ethereum coin is ready for bullish recovery or if the sellers could prolong the correction phase.

Where is the $ETH Price heading; $2000 or $1650?

Amidst the current negative sentiment for altcoin, the downward approach seems more reasonable for the Ethereum coin. As mentioned, the coin price could witness a minor consolidation in the coming days as traders face demand pressure at $1700 support. However, the overall downtrend may eventually plunge the price to $1650 and take support from the long-coming trendline.

• Relative Strength Index: The daily RSI slope dived into the oversold region indicating the selling activity went extreme and consolidation may stabilize the price action.
• Average Directional Index: The daily ADX uptick at 21% reflects the bear trend has enough strength to lead to further correction.