Ethereum Price Prediction ETH might create another opportunity for buyers to kick start new uptrend

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Published Jun 15, 2021

Ethereum Price Prediction: ETH might create another opportunity for buyers to kick-start new uptrend
Ethereum price has tagged a resistance level at $2,552 but failed to breach through.
This rejection has caused a potential lower high to be formed, indicating a possible downswing.
A bounce from the 62% or the 70.5% Fibonacci retracement levels at $2,177 and $2,077, respectively, would be an excellent place to start a new uptrend.
Ethereum price is currently trading below a critical resistance level and is trying to breach past it. A decisive close above the swing high on June 9 will create a higher high and signal the start of an uptrend.

However, a failure to generate a new high will lead to a sell-off, which will allow the bulls to recuperate and give the upswing another try.
Ethereum price at crossroads
Ethereum price has created three lower highs and lower lows since June 3, indicating a downtrend in progress. Although ETH appeared to have formed a bottom on June 12 and 13, the rally that originated here seems to have failed.
Rejection at the resistance level at $2,552 and the lack of buying pressure have played a role in preventing the rise of ETH price.

While the buyers still have a chance to band together and propel it higher, a potential spike in selling pressure that pushes Ethereum price to produce a decisive 4-hour candlestick close below the 50% Fibonacci retracement level at $2,319 will invalidate the bullish outlook.

In such a case, the smart contract token is likely to dip to retest the 62% or the 70.5% Fibonacci retracement levels at $2,177 and $2,077, respectively.

In a highly bearish case, the 79% Fibonacci retracement level at $1,976 might be tagged as well. Therefore, investors need to exercise caution for price swings below the barrier mentioned above.

A bounce from either of the crucial support floors would be a perfect place for the buyers to bid, leading to a build-up of buying pressure. Therefore, investors can expect a new uptrend to evolve here.

The bullish momentum that evolves at either of these levels might target the range high at $2,909.

Kategorien: ethereum Kryptowährung

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Ethereum Price Prediction ETH might create another opportunity for buyers to kick start new uptrend

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