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Ethereum (ETH) Price Analysis for June 18

Sat, 06/18/2022 - 18:15
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Denys Serhiichuk
Can bulls return the rate of Ethereum (ETH) above $1,000 soon?
Ethereum (ETH) Price Analysis for June 18
Cover image via www.tradingview.com

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The market is showing no power as almost all coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is following the decline of Bitcoin (BTC), going down by 7.32% over the last day.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the hourtly chart, Ethereum (ETH) is coming back to the recently formed support level at $992. If the rate remains trading below the important $1,000 mark until the end of the day, one can expect a further decline to the $950 zone soon.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the daily time frame, the situation is worse as Ethereum (ETH) has broken the $1,000 mark, which means that the continued fall might not have finished yet. If buyers cannot seize the initiative, traders can see the price of the main altcoin around the next support at $832.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the weekly chart, nothing is positive, as Ethereum (ETH) is about to close the candle below $1,000. The selling volume is high, which means that bears keep dominating over bulls. Likewise, the next level at which buyers can get back in the game is the $787 mark.

Ethereum is trading at $998 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.