Ethereum Remains Below $2,100 Resistance Area – What Next?


Ethereum has become corrective, but the bears are still holding the momentum below $2,100 to $2,050 price area. Ethereum remains below $2,100 psychological resistance area. What is next? ETH to continue further downside 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 23, 2021, | AtoZ Markets – Ethereum price rose today morning during the Asian session against the U.S. Dollar. Ethereum plunged towards $1,750 to $1,700 price level before it started a solid recovery against the US Dollar. ETH price is back over $2,000 price area, yet it is probably going to confront resistance around $2,050 to $2,100 price area. Ethereum is currently trading around $2,012 price area and trying to push lower. 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 Remains Below as the Bears Are Still Residing on the Market

Ethereum is currently residing near $2,012 price area and trying to decline. However, the price is also facing resistance at the Bollinger Bands middle band on the intraday chart.

Ethereum Remains

Image: ETH 4 Hour Chart

According to the 4-hour chart, Ethereum remains below and currently trading around $2,012 price area. As per the current scenario, if the price can have an impulsive bearish candle close below the last candle’s low, the bears may regain momentum and push the price downward towards $1,750 to $1,700 price area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing over the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong resistance to push the price down. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.

ETH May Climb Further Higher

According to the daily chart, Ethereum remains below and currently trading around $2,012 price area. As per the current price action, if the price can break above $2,050 to $2,100 resistance area with a daily bullish candle, the bulls may continue to push the price upside towards $2,450 to $2,500 price area in the coming days. On the contrary, if the price rejects $2,050 to $2,100 price area with an impulsive daily bearish candle, the bears may regain momentum and push the price down towards $1,750 to $1,700 price area in the process.

Ethereum Remains

Image: ETH Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance in the days ahead. However, the bulls may continue further upward if the price can break above the dynamic level with a daily bullish candle. Moreover, the MACD lines are currently residing below the 0.00 level and may have a bullish crossover. Besides, the histogram has created a bullish divergence. Both indicate that the price may recover further upward in the process.

To conclude, as long as the price residing below $2,100 to $2,050 resistance area, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days. 

Share Your Opinion, Write a Comment