June 11, 2021, | AtoZ Markets - Ethereum price declined today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $2,430 price area and trying to push lower. After rejecting $2,900 to $2,800 resistance level, the bears have regained momentum and pushed the price down impulsively, and reached $2,400 to $2,300 price area. However, after an impulsive bearish pressure, the price has successfully retraced upward towards the dynamic level on the intraday chart. As per the current price action, the price may face strong support around $2,500 to $2,400 price area in the coming days.
Ethereum Sustains Below as the Bears Are Still Active On the Market
ETH is currently residing near $2,430 area and trying to decline further downward. However, the Bollinger Bands' lower band is currently holding the price as strong support on the intraday chart.
Image: ETH 4 Hour Chart
According to the 4-hour chart, Ethereum sustains below and currently trading around $2,430 price area. As per the current scenario, if the price can break below $2,500 to $2,400 support area with an impulsive bearish candle close, the bears may sustain the bearish pressure towards $2,100 to $2,000 area in the coming days. On the contrary, if the price bounced upside from $2,400 to $2,500 support level with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards $2,800 to $2,900 area again in the days ahead.
Moreover, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the bears may continue the bearish pressure further if the price can break below the Bollinger Bands lower band in the coming days.
ETH Bulls May Regain Momentum
According to the daily chart, Ethereum sustains below, but the bulls are still optimistic. As per the current price action, if the price can have an impulsive daily bullish candle close above $2,400 to $2,500 support level, the bulls may regain momentum and push the price higher towards $2,800 to $2,900 area as a first target. The second target will be $3,400 to $3,500 price area if the price can break above $2,800 to $2,900 resistance level in the coming days. On the other hand, if the price can break below $2,500 to $2,400 area with an impulsive daily bearish candle, the bears may continue to push the price lower towards $2,100 to $2,000 area in the process.
Image: ETH Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may act as strong resistance to push the price down. However, the bulls may regain momentum if the price can break over the dynamic level in the days ahead, Also, the MACD lines are currently residing below the 0.00 level and may have a bullish crossover. It indicates that the bulls may regain momentum in the process.
To conclude, as long as the price residing below $2,900 to $2,800 resistance area, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days.