Bitcoin (BTC), Cryptocurrency, Ethereum (ETH), News, Price Analysis

Ethereum (ETH) Might Resume Downtrend Beneath $1.1K: 15 June Technical Analysis

  • Ethereum explores downward tendencies beneath the $1.2K and $1.280 zones.
  • Ether trades beneath $1,250 and 100hr SMA.
  • Moreover, ETH/USD hourly chart shows a bearish zone developing with resistance at $1,245.
  • Ethereum might resume declines beneath $1,120 and 1.1K in the short term.

ETH remains within a bearish territory beneath the $1.2K value region. The second-largest crypto might extend downward unless it climbs beyond the resistance at $1,280.

ETH Price Encounters Hurdles

Ethereum saw its price movements settling well beneath the crucial support of $1,500. The alternative token slumped towards the $1,073 before kick-starting a brief upward correction.

The recovery wave pushed the coin beyond $1,120 and $1.150. Moreover, Ethereum rallied past 23.6% Fibonacci retracement of the latest drop from $1,545 to $1,072. Nevertheless, the asset remains weak, trading beneath $1,250 and 100hr SMA.

Bears remained active near the resistance zone at $1,260, whereas the 1hr chart shows a vital bearish line developing with $1,245 resistance. Upside movements will encounter the initial hurdle at $1,20.

Meanwhile, the first critical resistance sits at $1,280 and $1.3K. Also, the 50% Fibonacci retracement mark of the latest $1,545 – $1,072 move stands around the $1.3K value area.

A decisive move beyond the trend-line resistance and $1.3K might welcome a recovery move for ETH. It will discover another massive hurdle at $1,350 and 100Hr Simple Moving Average. Further gains might launch an action towards the obstacle at $1,440.

More Declines in Ethereum

Ethereum might stretch its decreases if it fails to overcome the resistance zone at $1,280. Meanwhile, declines will meet the initial support level of $1,120. Further drops will secure another foothold at $1,070. Moving beneath this support might mean massive pressure on ETH bulls. That might see prices sliding towards the foothold of $1,000 in the short term.

The crypto market remains weak as bears control price actions. Ethereum’s road with the least resistance is the downside. Moreover, Bitcoin denotes a downward narrative.

While publishing this content, BTC traded at $21,182.97, losing 7.09% within the past day. The world’s largest crypto needs a closing beyond $24K to support upswings in the near term.

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