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Ethereum Price Prediction: ETH/USD Defends $2400

Ethereum Price Prediction: ETH/USD Defends $2400

Ethereum Price Prediction – June 10

The Ethereum price sees a 6.57% price fall within the few hours of trading as it drops back towards $2400.

ETH/USD Market

Key Levels:

Resistance levels: $3200, $3400, $3600

Support levels: $1800, $1600, $1400

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD is currently declining and it may likely trade below the lower boundary of the channel. The Ethereum price is holding the $2428 support level, but there is a possibility of sideways movement in the nearest term. The pair is currently consolidating near $2400 and it could decline towards the $2200 support as the technical indicator faces the south. More so, the Ethereum price is struggling to resume higher and it might revisit the $2400 support level before it could climb again.

Ethereum Price Prediction: Will ETH see a further Downside?

If there is an upside break above $2500, the Ethereum price could test the $3000 resistance level. Any further gains might push the price towards the $3200, $3400, and $3600 resistance levels. On the downside, the $2200 level is initial support. If there are more downsides, the price could test the critical support levels of $1800, $1600, and $1400, where the bulls are likely to take a stand.

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In the meantime, ETH/USD is yet to show some positive signs above the $2800 level, but it could dip further in the short term. Having said that, the Ethereum price may likely bounce back above $2600, as long as there is no daily close below $2400. However, the Relative Strength Index (14) is following a sideways movement at 44-level, indicating an indecisive market movement.

Against Bitcoin, the Ethereum price is now trading below the 9-day and 21-day moving averages within the ascending channel as the bears are still dominating the market. ETH/BTC is currently trading at 0.0678 BTC and the bulls couldn’t push the price to the north. Looking at the chart, if the price continues to drop, the next key supports may likely be at 0.056 BTC and below.

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ETHBTC – Daily Chart

In other words, a possible bullish movement could push the market above the 9-day and 21-day moving averages within the channel, a break above this may enable Ethereum price to reach a high of 0.820 BTC and above but the Relative Strength Index (14) is crossing below 50-level, which shows that the market might experience more downtrends.

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Ethereum Price Falls by 13% to $2,393 – Where to Buy the ETH Dip

Ethereum Price Falls by 13% to $2,393 – Where to Buy the ETH Dip

The ethereum price is weakening sharply today. The past few weeks have been bad for the broader crypto market and the selling has started again in earnest. While the greatest slump has been felt by bitcoin, altcoins have also not been spared. Ethereum has been losing, and it is barely recovering from the May meltdown.

Last week, ethereum managed to scale some key levels as it reached around $2,500. The largest altcoin in terms of market cap touched $2,800 yesterday, but bears have interrupted the upward price movement, causing another market dilemma. ETH has lost $400 in the past 24 hours to trade, at around $2400. As of writing, ETH’s value was slightly above $2400.

Ethereum Price: bears in charge

Ethereum’s near-term support is at $2,400, and if the coin can maintain above that level it may prevent the decline from deepening further. The Moving Average Convergence Divergence (MACD) metric shows that the coin could be headed into a bearish market.

ethereum price

The chart above also shows that the Relative Strength Index (RSI) may be dropping towards the negative area. However, this is not all bad news because there is still a high chance that the bulls may pick up again, especially after new investors start buying the coin because of the lower prices.

However, a move above the 100 SMA is required for ethereum to show signs of recovery. Further analysis also states that the largest altcoin will only show its full bullish intent when it pushes to above $3,000.

Ethereum has been classified as a better and superior token compared to bitcoin, a factor that may be causing rising prices. Goldman Sachs, one of the leading banks on Wall Street, published a report after the May market crash. The report stated that ethereum had a high chance of overtaking bitcoin as a store of value, and this revelation boosted ethereum’s value towards the end of April.

Ethereum has great fundamentals says Goldman Sachs

According to Goldman Sachs, the Ethereum network had many real-world applications because it offers support to smart contracts, which has created a great space for the proliferation of DeFi applications. Besides, the Ethereum network is also a hub for developing non-fungible tokens (NFTs) that are gaining popularity. These projects increase ether transactions, and it is reducing the volatility of the coin.

Ethereum’s value, just like the value of the broader crypto market, has been affected following the crypto regulations in the market. However, 27-year old founder of Ethereum, Vitalik Buterin, recently interviewed at a Fridman podcast where he said that “I don’t think governments have the ability to ban crypto to the extent of just completely preventing blockchains from existing. But they definitely have the ability to really marginalize it.”

Ethereum’s price is not just slated to be a short-term thing. Towards the end of this year, the Ethereum network plans to launch a layer two upgrade to make the platform even more attractive to DeFi developers. When this happens, the demand for ether will skyrocket, and it may even reach above the $4000 ATH.

Where to buy Ethereum

The dominance of the Ethereum network in DeFi development shows that the token is a great buy because its demand is not as volatile as the other cryptocurrencies. The anticipated layer two upgrades is also expected to push for the token’s value. One can buy ether in the current dip at:

eToro

One of the most recommended exchanges where you can buy ether tokens is eToro. The exchange is popular for crypto trading, and it even has features that allow new traders to learn how to go about the market. Through copy-trading, inexperienced traders can gain insights from crypto experts on the exchange.

Once you sign up on eToro, go to the order section and place an order for the number of ether tokens you want to purchase. You can also sell the token on the exchange.

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