March 29, 2024

Forecast for the Ethereum rate: the coin will fall in price to $ 220 by June 25

Forecast for the Ethereum rate: the coin will fall in price to $ 220 by June 25

The Ethereum (ETH) cryptocurrency rate is consolidating in the range above $230, but buyers are unable to break throughresistance barrier at the level of $ 240. Therefore, the coin should become cheaper by $ 220 by June 25th.

Key points

  • Ethereum price fluctuates around the average cost per 100 hours ($ 234).
  • A bearish trend line has formed on the hourly chart with resistance at $ 234.
  • The downward movement will accelerate in case of breaking support at the level of $ 230.
  • On the night of June 14-15, the ETH rate fell off from $ 235to $ 218 (on the Bitstamp exchange), breaking through the support zones of $ 225 and $ 220. Then the price of the asset returned to its previous position, but did not exceed $ 236, since at this level they began to actively sell virtual currency. On Wednesday, there was a breakdown up to $ 228, then there was a correction to $ 234.

    The chart shows a downward trend linewith resistance around $ 234. The next barrier is at $ 236. If the bulls break through these barriers, Ethereum will rise in price to $ 238 and then to $ 240. Nevertheless, the market situation signals a drop in the price of the coin in the medium term.

    To what point will Ethereum become cheaper?

    June 14, the dynamics of changes in the ETH rate went beyondthe limits of the bull trend that arose in March. As a result of the correction, the price of the coin could not break the line of the upward trend, which now acts as a resistance barrier. Thus, a reversal in the market is only possible if the cost of Ethereum overcomes $ 236.

    Forecast for the Ethereum rate: the coin will fall in price to $ 220 by June 25

    At the moment, the cryptocurrency price is locatednear the border of a downtrend that began on June 11th. Most likely, the ETH rate will not go beyond it and will gradually decline. The bearish trend is not very dynamic, in addition, the coin is stably bought back after the dump. Given these factors, it can be assumed that the Ethereum rate will drop to about $ 220 by June 25th.

    Forecast for the Ethereum rate: the coin will fall in price to $ 220 by June 25

    This year the situation may repeat itself,what happened in the fall of 2019, when after a two-month flat Ethereum fell by 35%. This scenario suggests a fall in the price of ETH to $ 154 by the end of August.

    Forecast for the Ethereum rate: the coin will fall in price to $ 220 by June 25

    Technical indicators

  • MACD indicator for 4 hours - in the bullish trend zone
  • 4-hour RSI - above 40 (neutral)
  • Main support level - $ 230
  • Main resistance level - $ 238
  • Nearest pivot points: $ 232 and $ 246.