Ethereum Price Prediction – July 8

The Ethereum price is sliding below the key supports and it may continue to move down if it fails to stay above the $2000 level.

ETH/USD Market

Key Levels:

Resistance levels: $2700, $2900, $3100

Support levels: $1800, $1600, $1400

At the time of writing, ETH/USD is seen dropping with a bearish bias. The coin opened at $2317 and currently dropped below the 9-day moving average. As the daily chart reveals, the Ethereum price is bearish for today as the market retraced over the last 24 hours and reached the daily low of around $2,128. However, the price could correct higher, but it is likely to face sellers below the 21-day moving average.

Ethereum Price Prediction: Ethereum Fails Near Breakout

On the downside, there could be a close below the $2200 level as the coin is seen sliding below the 9-day moving average. As a matter of fact, dropping further could open the doors for more losses and the Ethereum price may tumble below the $2000 level. However, should it spike below this level, the critical support levels of $1800, $1600, and $1400 may come into focus as the technical indicator Relative Strength Index (14) nosedives below the 50-level.

On the contrary, ETH/USD could either recover above $2200 or extend its decline. If the coin decides to follow the uptrend and crosses above the upper boundary of the channel, the next major resistance could be located at the $2500 level. However, the price must climb above the $2700, $2900, and $3100 resistance levels to move back into a positive zone.

When compares with Bitcoin, the bears are making effort to step back into the market while the coin shows some negative signs that could make lower lows if the price moves below the 9-day and 21-day moving averages. On the downside, the nearest level of support lies at 0.060 BTC and below this, critical support lies at 0.055 BTC.

Moreover, when looking from the upside, the nearest resistance level is 0.070 BTC and above this, further resistance lies at 0.074 BTC and above. The technical indicator Relative Strength Index (14) is moving below 60-level which indicates that more bearish signals may come into play.

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