Ethereum Facing Support Around $2,300 Price Area – Will Strike Upward?


Ethereum has become volatile and still residing inside the range of $2,300 to $2,900 price area. Ethereum is facing support around $2,300 event area. Will the price strikes upward in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis. 

June 18, 2021, | AtoZ Markets – Ethereum price dropped today morning during the Asian session against the U.S. Dollar. Ethereum sustains in a bearish zone and ETH traded underneath $2,350 price area against the US Dollar. ETH price could speed up lower if there is a close underneath $2,300 area. Ethereum is currently trading around $2,345 price area and trying to push higher. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the intraday chart in the coming days.

Ethereum Facing Support as the Event Level Working Strongly

Ethereum is currently residing near $2,345 price area and trying to climb upside. However, the price is still residing below the Kijun line and the Tenkan line on the daily chart.

Ethereum Facing support

Image: ETH 4 Hour Chart

According to the 4-hour chart, Ethereum facing support and currently trading around $2,345 price area. As per the current scenario, if the price can break below $2,400 to $2,300 support level with an impulsive bearish candle close, the bears may push the price downside towards $2,100 to $2,000 price area in the coming days. On the contrary, if the price bounced higher from $2,300 to $2,400 support level with an impulsive bullish candle, the bulls may regain momentum and push the price upward towards $2,600 to $2,650 resistance area again in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance to push the price down in the process. However, the bulls may regain momentum if the price can break over the dynamic level. Moreover, the Stochastic Oscillator lines are currently residing below the oversold level 20 and gradually moving upside. It indicates that the bulls may regain momentum in the process.

ETH Bulls Are Still Optimistic

According to the daily chart, Ethereum facing support as the bulls are still residing on the market. As per the current price action context, if the price bounced higher from $2,300 to $2,400 support level with an impulsive daily bullish candle, the bulls may regain momentum and strike higher towards $2,600 to $2,650 area as a first target. The second target will be $2,800 to $2,900 price area if the price can break over $2,600 to $2,650 resistance area in the coming days. On the contrary, if the price breaks below $2,400 to $2,300 support area with a daily bearish candle, the price may decline towards $2,100 to $2,000 price area in the process.

Ethereum Facing

Image: ETH Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price down. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the coming days. However, the bulls may regain momentum if the price can break above the dynamic level in the days ahead.

To conclude, as long as the price residing over $2,300 to $2,400 support level, there is a high chance that the bulls may regain momentum. A daily close is needed to identify the definite momentum in the coming days. 

Share Your Opinion, Write a Comment