The Ethereum price has plummeted 2% to trade at $3,503 as of 11:34 UTC, despite a 13% surge in trading volume to $16 billion. However, its market capitalization decreased 2% to $428 billion.
A crypto analyst, Tyler, has taken to his X account on social media, noting that Ethereum might be forming a buy model before it takes up for a rally.
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Looking like price could be forming a buy model here, it looks like it wants another move down before expansionhttps://t.co/OTUhr9yJDE pic.twitter.com/0YEjdCHoWy
— Tyler (@4500px) June 21, 2024
Further, Ethereum’s Fear and Greed Index is signalling neutral, as it currently sits at 54.
Ethereum Fear and Greed Index is 54. Neutral
Current price: $3,485 pic.twitter.com/PGGZ6DsJKn— Ethereum Fear and Greed Index (@EthereumFear) June 21, 2024
The Fear and Greed Index is an indicator that analyzes and generates a number between 0-100. In that, 1 indicates extreme fear and 100 signals extreme greed. In a layperson’s language, extreme fear will drive down the share prices, and extreme greed will have a vice-versa effect.
Ethereum Statistical Data
According to Coinmarketcap data:
- Ethereum price now – $3,503
- Ethereum market cap – $428 billion
- Ethereum total supply – 122.2 million
- Ethereum circulating supply – 122.2 million
- Ethereum ranking – #2
The Ethereum price was on a downtrend from mid-March to mid-May. The $2,843 support zone allowed the bulls to push the cost to the $4,019 resistance zone. However, the bears had their way to the market and dropped the ETH price past the $3,600 mark, eventually falling below the $3,550 support level.
ETH’s price is trading with a bearish bias, consolidating within a falling wedge pattern. The formation of a falling wedge pattern suggests the potential for a bullish price reversal.
Ethereum Price Technical Outlook
Based on the outlook, the ETH bulls are pushing to defend the $3,417 support level. However, if the bears have control, the token could slide lower. The ETH trades above the 50-day and 200-day Simple Moving Averages (SMAs), with $3,454 and $3,012 as immediate support levels.
However, the Relative Strength Index (RSI) is diving from the 50-midline level as it hurtles toward the oversold region, currently trading at 47. In this scenario, the bulls have a chance to push the RSI above the 50 threshold. If the bulls initiate a buyback campaign, it could see the RSI hurtle to the 70-overbought region, indicating intense buying pressure. In a dire case, if the bears have their way, it could see the RSI sink towards the 30-oversold level.
Moreover, the Moving Average Convergence Divergence (MACD) indicator is currently bearish. The blue average line has crossed below the orange signal line towards the neutral level, suggesting a shift in momentum towards bearish conditions. However, the MACD is showing signs of recovery as it sways along the positive territory towards making a cross above the orange band.
Ethereum Price Prediction
The Ethereum price analysis on a daily chart timeframe indicates a bearish bias, as the bulls aim to push the price above the $4,019 resistance. They are targeting a price above their ATH of around $5,300.
The 50-day SMA trades above the 200-day SMA, allowing the bulls to buy more. If the bulls initiate a buyback campaign, using the 50-day SMA as their immediate support level, the ETH price could rally to around $4,400.
However, the RSI and MACD show that investors are selling more. This might lead to a slight retracement, with $3,012 as the support level, coinciding with the 200-day SMA. Increased bearish momentum could see the price reach around $2,849.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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