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Ethereum (ETHUSD) Price Analysis Points Towards Resumed Decline – 18-06-2024

by Jennifer

Ethereum’s price (ETHUSD) has exhibited a clear return to the downside, notably reaching our initial negative target at $3360.31 once again. This development suggests the possibility of further bearish correction, with the subsequent target lying at $3132.80. The prevailing outlook maintains the bearish trend for the foreseeable period, a sentiment reinforced by the influence of the EMA50.

The critical condition for the continuation of the anticipated decline rests upon maintaining a position below $3641.82. Conversely, breaching this level would disrupt the negative scenario and potentially initiate a resurgence of the main bullish trend.

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Expected Trading Range

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Today’s expected trading range is projected to fluctuate between the support level of $3280.00 and the resistance level of $3550.00.

Trend Forecast: Bearish

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