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This Is the Next Bearish Target for ETH Bears as $1.7K Falls (Ethereum Price Analysis)
Ethereum price recently fell below the 100-day moving average, leading to a decline towards the key support area around $1.7k. It is crucial to closely monitor price action in this important area as it can provide a clear indication of ETH's next price move. Ethereum Price Technical Analysis By Shayan The daily chart Ethereum struggled to break above the 100-day moving average for an extended period, but finally broke below it on June 10, suggesting a medium-term bearish outlook. However, ETH price has reached the significant support area at $1.7k, where the…
This Is the Next Bearish Target for ETH Bears as $1.7K Falls (Ethereum Price Analysis)
Ethereum price recently fell below the 100-day moving average, leading to a decline towards the key support area around $1.7k.
It is crucial to closely monitor price action in this important area as it can provide a clear indication of ETH's next price move.
Ethereum price technical analysis
From Shayan
The daily chart
Ethereum struggled to break above the 100-day moving average for an extended period but finally broke below it on June 10, indicating a bearish outlook in the medium term.
However, ETH price has reached the significant support area at $1.7k where the bearish momentum has stopped, resulting in stable price action at this level. Should selling pressure persist and result in a further decline below this support area, the bears' next target would be the 200-day moving average at $1,625.
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The 4 hour chart
On the 4-hour chart, the price finally broke below the lower trendline of the channel and reached the main support zone at $1.7K. It has significant psychological value as it has supported the price since March 2023.
Considering that the RSI indicator is currently in the oversold territory, there is a possibility of price falling towards the lower trendline of the channel before initiating the next move. However, if the $1.7K level successfully prevents further decline and triggers an upward rally, the next target for Ethereum would be the $2K resistance area.
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On-chain analysis
From Shayan
This chart illustrates the Ethereum exchange reserves metric for Binance and Coinbase exchanges relative to the price of Ethereum. Recently, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Coinbase, which caused significant fears in the market.
In response to this development, investors have withdrawn around $1.43 billion from crypto exchange Binance and its US subsidiary due to the regulatory measures. Binance recorded net outflows of $1.34 billion worth of crypto tokens on the Ethereum blockchain, while its US subsidiary Binance.US recorded net outflows of $70.8 million. Coinbase also experienced significant outflows due to the prevailing uncertainty among market participants.
As a result, the ETH exchange reserve metric has dropped significantly on both exchanges, underscoring the fear and uncertainty sparked by the conflict between the SEC, Binance and Coinbase.
CryptoQuant
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