Baxia Markets
June 09, 2021

Do you think Ethereum will fall below $2,355?

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Ethereum has lost 14.15% in the last three trading sessions, the cryptocurrency currently trades at $2,474, and it continues getting closer to a strong resistance level at our 23.6% retracement.


Price trades below the short and long-term moving averages, indicating a downtrend. Our parabolic SAR indicator suggests an upward trend; however, this is a lagging indicator that we only use for support.


The relative strength index is currently at 43%, which allows us to believe that the pair will continue to fall in the short term. We have not seen Ethereum enter an oversold status in more than a year on a daily chart, and this means that traders are very reactive to the RSI level. Once the RSI gets to 30%, we can expect a price increase.


Ethereum June 8th 2021


If the price falls below the resistance level on the downtrend and the RSI has not reached 30%, we could expect the price to sink all the way down to $2,186, a level where the pair found previous support.


The Bollinger bands closed significantly from previous sessions, indicating that volatility should be lower and that the downtrend is being consolidated. 


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