ethereum price analysis prediction
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Ethereum Price Analysis & Prediction (June 7th) – ETH Climbs Back Above $1800 in a Fresh Recovery After Losing 7% Yesterday

Following the current crypto market fall, Ethereum‘s price decreased by 7% to $1,785 yesterday and remained on a downward slope. The price recovers quickly and shows signs of a possible reversal.

Ethereum finally resumed bearish after breaking out of a descending resistance to retap the $1,900 level in the past week. The false breakout appeared to have trapped the buyers as they suffer some losses since yesterday. Although the price has recovered well in the past hours. 

The sentiments paint a mix-reaction but the correctional phase is still intact. Though this phase is almost rounding up on a daily as the price nears the lower boundary of the broadening wedge that serves as dynamic support for months. 

A strong rejection is expected to occur around that lower boundary as soon as the price tests it. After that, a bounce should follow with a bullish reversal pattern, which could rally the price above $2,000 in a short period.

Failure to bounce off the wedge’s lower bounce could result in more drawdown that is capable of slipping the price as low as $1450 in the future. For now, Ethereum’s intraday trading looks bearish, but the trend remains bullish on a mid-term perspective.

ETH’s Key Level To Watch

ethereum price analysis prediction
Source: Tradingview

After falling to a daily low of $1,780, the price has recovered well near a minor resistance at $1,883. If ETH climbs further, it may retest the $1,900, where a drop was initiated yesterday, followed by $1,948. Above that level, it holds major resistance levels at $2,030 and $2,160. 

If the price rolls back, it must break the 1,788.4 before dropping to the $1,7288.9 support level. The main support level to watch for a potential reversal lies at $1,678.

Key Resistance Levels: $1,883, $1,948, $2,030

Key Support Levels: $1,788.4, $1,722.9, $1,678.9

  • Spot Price: $1,880
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: sdecoret/123RF // Image Effects by Colorcinch

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