The Ethereum price prediction continues to approach the crucial support within the channel but the coin may hit the critical support level of $2800.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3800, $4000
Support levels: $2400, $2200, $2000
ETH/USD is likely to create an additional downtrend as the coin is down by 0.61% at its current price of $2965.67. However, the Ethereum price marks a notable decline from its daily high at $3033 during the European session today as the bulls attempted to spark another rally. However, in the near term, Ethereum (ETH) may be able to find some support in the lower $2800 level, as it has bounced multiple times after visiting this level.
Ethereum Price Prediction: Ethereum Price May Slide Below $2900
After several bullish movements, the Ethereum price has been trading towards the south as the coin is currently experiencing a price drop. Before this, many traders were expecting a lot from the coin after touching the resistance level of $3033 a few hours ago reflecting an improvement in the Ethereum prices. However, the Ethereum price is currently moving below the 9-day and 21-day moving averages, which is yet to break below the lower boundary of the channel.
For now, a bearish drop may roll the market down, and this could hit the support levels of $2400, $2200, and $2000 while a possible bullish surge could drive the market towards the upper boundary of the channel, which could touch the $3500 level. Meanwhile, the $3600, $3800, and $4000 may further provide resistance levels for the market. Therefore, the Relative Strength Index (14) is below 50-level, and staying there may cause the coin to drop more.
Against Bitcoin, the market price remains within the channel as the bulls are pushing the market towards the north. ETH/BTC is currently trading at 7491 SAT as the 9-day MA is likely to cross below the 21-day MA. However, if the Ethereum price slides toward the lower boundary of the channel, the next key supports could be at 6800 SAT and below.
Moreover, any further bullish movement above the upper boundary of the channel may likely push the Ethereum price to hit the nearest resistance level of 8000 SAT. However, the resistance level of 8200 SAT and above could be visited as the Relative Strength Index (14) is moving above 50-level, suggesting that the market may begin to rise.
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