Ethereum Price Analysis – ETH Continues To Struggle In Regaining $2,000 – Will The 200-day MA Hold?

Key highlights:

  • Ethereum is down by a strong 18% this week as it continues to trade beneath $2000.
  • The cryptocurrency did manage to meet support at $1,900, provided by the 200-day MA level.
  • Against Bitcoin itself, Ethereum is now trading at ₿0.056, provided by the .5 Fib Retracement.
Ethereum price $1,941
Key ETH resistance levels $2,000, $2,075, $2,200, $2,400, $2,600
Key ETH support levels $1,900, $1,824, $1,800, $1,715, $1,654

*Price at the time of publication


Ethereum is down by a strong 18% over the past week as it loses ground at $2,000 and attempts to hold the $1,900 support – provided by the 200-day MA. Ethereum had been trading above a very long-term trend line last week as it battled to remain above $2,200. However, the bearish push beneath $30k in BTC this week caused ETH to lose ground at $2,000 and crash as low as $1650 during the week.

Luckily, the bulls did manage to defend the 200-day MA and have since pushed higher from there. However, they seem to be struggling to close above resistance at $2,000.

Etheruem is about to undergo a major hard fork in July – dubbed London. The upgrade went live on the Ropsten testnet this week, and the EIP-1559 upgrade has already started to burn testnet ETH. EIP-1559 is an Etheruem mining upgrade that will adjust the auction fees on the network. It will also see the burning of the “base fee” and should make Ethereum deflationary over time.

Before the hard fork can go ahead on the mainnet, it will be launched on the Goerli testnet at the end of June and then on the Rinkeby testnet on July 7th.

Around the same time that the testnet went live, another 100K ETH was sent to the ETH2 staking contract;

More than 5% of the ETH supply is now currency locked in the staking contract – worth around $11.75 billion.

Ethereum remains the 2nd largest cryptocurrency asset as it currently holds a $225 billion market cap value. 

Let us continue to take a look at the markets and see where they might be heading.

Ethereum price analysis

What has been going on?

Taking a look at the daily chart above, we can see that Ethereum was trading above the long-term trend line for the majority of June as it managed to remain above $2,200. However, the breakdown of this trend line occurred toward the end of last week, and ETH eventually penetrated beneath $2,000 on Monday.

After breaking beneath $2,000, ETH continued to plummet into the 200-day MA around $1,900. On Tuesday, when BTC dipped beneath $30K, ETH dropped as low as $1,880 before rebounding higher to close the daily candle above the 200-day MA – keeping the support alive. 

Since then, ETH has attempted to push higher and has managed to spike back above $2,000. However, it is still struggling to close a daily candle above $2,000, indicating that the bullish momentum still might be fragile.

Ethereum price short-term prediction: Neutral

As ETH has managed to maintain itself above the 200-day MA, it can be considered neutral. However, if it were to close a daily candle beneath the 200-day MA, the market would instantly turn bearish in the short term. On the other side, ETH would probably have to break the June highs and break beyond $3,000 before being considered bullish.

If the sellers push lower, the first support lies at $1,900 – where lies the 200-day MA. Beneath this, additional support is expected at $1,800 (.886 Fib Retracement) $1,715, $1,600, $1,510, and $1,400 (downside 1.272 Fib Extension).

Where Is The Resistance Toward The Upside?

On the other side, the first resistance lies at $2,000. This is followed by $2,075 (.786 Fib Retracement – previous support), $2,200, $2,255 (20-day MA), and $2,500 (100-day MA).

Above the 100-day MA, resistance lies at $2,623 (bearish .382 Fib Retracement), $2,700 (50-day MA), $2,921 (bearish .5 Fib Retracement), and $3,000.

ETH/BTC price analysis

What has been going on?

Ethereum has been struggling against BTC this week. It dropped beneath crucial support at ₿0.062 (.382 Fib Retracement) and continued to break beneath ₿0.06 on Tuesday. It has continued to create a new monthly low today as it heads toward ₿0.056 (.5 Fib Retracement).

Ethereum price short term prediction: Neutral

As Ethereum is still above the 100-day MA, we can consider the market neutral. However, it would need to clear the resistance at ₿0.077 to turn bullish in the short term. On the other side, a drop beneath the support at ₿0.054 (100-day MA) would turn the market bearish.

If the sellers break ₿0.056, the first support lies at ₿0.054 (100-day MA). Beneath this, additional support lies at ₿0.0515 (downside 1.414 Fib Extension), ₿0.05 (.618 Fib Retracement), ₿0.048, and ₿0.0436 (200-day MA).

Where Is The Resistance Toward The Upside?

On the other side, the first resistance is now located at ₿0.06. This is followed by resistance at ₿0.0625 (20-day MA), ₿0.0644 (bearish .382 Fib Retracement), ₿0.0669 (bearish .5 Fib Retracement), and ₿0.07 (bearish .618 Fib Retracement).

Keep up to date with the latest ETH price predictions here.

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