June 15 Ethereum (ETH) Price Analysis
The price of Ethereum (ETH) has fallen by 5.48%, making it a loser compared to Bitcoin (BTC). On the hourly chart, Ethereum is currently trading in a narrow channel between the support at $1,628 and resistance at $1,655. In order for buyers to regain control, the price needs to rise to at least $1,650.
On the daily time frame, Ethereum made a false breakout of yesterday’s low at $1,631. If the candle closure happens far from that mark, there is a possibility of a local upward move towards the $1,660 mark. This scenario is relevant until the end of the week.
In the midterm, Ethereum is approaching an important zone of $1,600. If a breakout occurs, it is likely that the decline will continue to the $1,400-$1,500 area. At the time of writing, Ethereum is trading at $1,640.
Overall, bears have taken control after multiple unsuccessful bullish attempts. Ethereum’s price has fallen and is currently trading in a narrow channel. Buyers need to push the price above $1,650 to see a potential breakout. In the midterm, Ethereum is approaching a crucial zone at $1,600, and a breakout could lead to further decline towards the $1,400-$1,500 range.
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