Ethereum Price Prediction: Is Market Headed for More Pain?

04-Jul-2024 By: Lokesh Gupta
Ethereum Price Prediction: Is Market Headed for More Pain?

Ethereum Price Dips Ahead of Spot ETF Launch Anticipation

  • #Ethereum ($ETH) failed to break above the $3,520 resistance level and started a new downtrend.

  • Following #Bitcoin's lead, ETH saw a correction of around 5.30%.

  • After holding above $3,200 for over 45 days, ETH dropped below this crucial support.

  • On July 1st, $ETH broke below a key channel, leading to a nearly 10% decline over the past three days.

  • ETH's decline from channel top to bottom occurred swiftly in just two days on the daily chart.

  • The daily chart shows ETH breaking below its long-term upward trendline.

  • Currently, ETH is trading below the 20-day, 50-day, and 100-day Moving Averages, struggling to stay above the 200-day MA.

  • According to Coingabbar Prediction, If ETH closes below the 200-day MA and remains below the trendline, the next support levels are at $3,050 and $2,850.

  • To regain a bullish outlook, ETH needs to hold above the 200-day MA and reclaim the $3,300-$3,500 levels.

KEY LEVELS :

RESISTANCE LEVEL : $3,280-$3,350

SUPPORT LEVEL : $3,070-$2,920

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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