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Ethereum Price Prediction: The U.S. Securities and Exchange Commission’s (SEC) action against major cryptocurrency exchanges Binance and Coinbase (COIN) has created indecisiveness among traders. Similar to a majority of major cryptocurrencies, the Ethereum price turned sideways and is now consolidating in a narrow range. The potential traders can use this range to determine the future potential for this altcoin.
Ethereum Price Daily Chart
- The Ethereum fear and greed index at 49% reflect a neutral sentiment in the market
- Under the influence of the rising support trendline, the ETH price remains bullish in the long term
- The intraday trading volume in Ether is $4.47 Billion, indicating a 29% gain.
Despite the June 5th sell-off, the Ethereum price managed to rebound from the muti-month support of $1775 indicating the buyers continue to defend this level. On the flip side, the coin price has recently formed a new lower high of $1915 in its existing downtrend creating a major resistance.
The aforementioned level can greatly influence the ETH price and thus created a narrow range. By the press time, this altcoin trades at $1847, with an intraday gain of 0.1%. So far the coin projects no dominance from buyers and sellers for trend control, suggesting the sideways trend is likely to continue for a few more sessions.
Thus, if the market trend turns bearish, a breakdown below $1775 may plunge the prices below $1700 to meet the long-coming support trendline.
Anyhow, a breakout above $1915 will sign an early sign of a trend change.
Will the Ethereum Price Rise to $2000?
If the crypto market showed no improvement in its sentiment, the Ethereum price could carry this range for a week or two. Only a breakout from either level of this range could offer trades a better conviction for potential trends. A possible breakout above $1915 could boost the buying pressure and surge prices above $2000.
- Directional Movement Index: A bearish alignment in which the DI-(orange) slope stays above and DI+(blue) reflects market sentiment in the current negative.
- Bollinger Band: The bands of the BB indicator moving sideways highlight high volatility in the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.