- Ethereum price reaches key support range as daily candlestick begins to shape a doji pattern, potentially signaling a reversal.
- Daily Relative Strength Index (RSI) still has not registered an oversold reading on a daily close, suggesting more ETH weakness.
- 61.8% Fibonacci retracement level at $1,730 being tested for the second time since May.
Ethereum price, like most altcoins, has fallen below the May 23 panic low as selling pressure gripped the cryptocurrency complex yesterday and earlier today. ETH now rests on the convergence of the 200-day simple moving average (SMA) and the anchored volume-weighted price (anchored VWAP), taking the form of a doji candlestick pattern. The current standoff expressed by the doji pattern may mark a reversal and an actionable low for skillful traders.
Ethereum price shows bulls are active at current levels, but bears are not hibernating yet
The positive response of Ethereum price to the notable support framed by the 200-day SMA at $1,878, the anchored VWAP at $1,847, the 2020 rising trend line at $1,793, the 61.8% retracement of the March 2020-May 2021 rally at $1,730 and the May 23 low of $1,728 creates a hint of optimism for eager ETH investors and speculators.
Adding some comfort is the potential doji pattern being defined on the daily chart, showing indecision on the side of both ETH sellers and buyers. It could also be interpreted as a reversal or the beginning of a consolidation range. Nevertheless, the doji pattern communicates that the early selling pressure was matched with spirited buying as the day has progressed.
The Ethereum price bounce is a marked improvement for the smart contracts giant, but it does not confirm that a sustainable low has been printed. Still, it may present a high probability opportunity for agile traders to initiate pilot buys with a target around the February high of $2,041, a crucial level of support during the April and May periods of ETH weakness.
Important upside resistance includes the 50% retracement of the March 2020-May 2021 rally at $2,237, representing an 18% return from the current price. If today’s low is sustainable, Ethereum price could target the symmetrical triangle’s lower trend line around $2,550, delivering a 35% gain from the current price.
ETH/USD daily chart
A daily close below the May 23 low of $1,728 would confirm that the current ETH selling has not been exhausted, and Ethereum price may fall to the 2018 high of $1,419, thereby ensuring an oversold condition on the daily RSI.
It is important to note that Ethereum price did draw a symmetrical triangle before breaking down on June 16. The measured move of the triangle pattern is approximately 43%, leaving ETH just below the 2018 high at $1,372.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

Bitcoin Weekly Forecast: BTC bloodbath continues, near 30% down from its ATH
Bitcoin price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.

Cardano poised for double-digit drop amid market weakness
Cardano price is extending its decline by nearly 7%, trading around $0.60 on Friday after falling 23% this week. Santiment data support this decline as ADA daily active addresses are falling, and the technical outlook indicates a continued correction, with ADA potentially facing an additional double-digit decline.

XRP short-term holders dominate sell-off as whales buy the dip
XRP short-term holders dominated the selling activity during the recent market crash. XRP whales have been accumulating more tokens during the crash, adding over $1 billion worth of tokens. XRP could bounce off the lower boundary of a descending channel if it fails to hold the $1.96 support level.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP continue to sell off
Bitcoin (BTC) price continues declining on Friday after falling more than 15% this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by nearly 24% and 21%, respectively.

Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.