Ethereum Nose Dive Below $2,700 Area – Bears To Continue Further?


Ethereum bears have regained momentum after rejecting $2,900 to $2,800 resistance level. Ethereum nose dive below $2,700 price area. Bears to continue the bearish pressure further 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 4, 2021, | AtoZ Markets – Ethereum price dropped today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $2,620 area and trying to push lower. After breaking over $2,400 to $2,500 resistance level, the bulls pushed the price upward impulsively, but failed to sustain the bullish trend over $2,800 to $2,900 area. As per the current price action, the price may face strong support around $2,500 to $2,600 area in the coming days.

Ethereum Nose Dive as the Investor’s Sentiments Working Negatively

Ethereum is currently residing near $2,620 area and trying to push lower. However, the price also broke below the dynamic level of 20 EMA on the intraday chart.

Ethereum Nose

Image: ETH 4 Hour Chart

According to the 4-hour chart, Ethereum nose dive and currently trading around $2,620 area. As per the current price action, the price may decline towards $2,500 to $2,600 area in the process. So, if the price declines towards $2,500 to $2,600 support level and bounced upside with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards $2,800 to $2,900 area in the coming days. Alternatively, if the price can break below $2,500 to $2,400 area with an impulsive bearish candle, the bears may continue further lower towards $2,200 to $2,100 area in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price down. Also, the Stochastic Oscillator lines are currently residing below the overbought level 80 after having a bearish crossover. It indicates that the bears may continue further downside in the coming days.

ETH May Decline Further

According to the daily chart, Ethereum nose dive and currently trading around $2,620 area. As per the current scenario, if the price can have an impulsive daily bearish candle close below $2,900 to $2,800 resistance area, the bears may sustain the bearish pressure towards $2,500 to $2,400 area as a first target. The second target will be $2,100 to $2,000 area if the price can break below $2,500 to $2,400 area in the coming days.

Ethereum Nose

Image: ETH Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price. So, it may act as strong resistance in the process. Along with this, the MACD lines are currently residing below the 0.00 level, which indicates that the bears may continue further lower in the days ahead.

To conclude, after an impulsive bearish momentum, the price has successfully retraced upward towards the dynamic level and currently showing strong bearish pressure. A daily close will help to identify the definite momentum in the coming days. 

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