Ethereum Price Forecast – ETH/USD Downward Channel in Play, Can We Expect a Breakout? - Forex News by FX Leaders
Ethereum - ETH/USD Chart

Ethereum Price Forecast – ETH/USD Downward Channel in Play, Can We Expect a Breakout?

Posted Friday, June 11, 2021 by
Arslan Butt • 2 min read

[ETH/USD]] closed at $2610.65 after placing a high of $2610.65 and a low of $2461.43. ETH/USD reversed its course and rose on Thursday after declining for two consecutive sessions. The surge in prices could be attributed to the latest comments made by the Reddit co-founder, Alexis Ohanian. The billionaire, philanthropist, founder of Reddit, and husband of the famous tennis player Serena Williams recently revealed that he has many Ethereum holdings.

Ohanian praised the cryptocurrency and said that Ethereum comprised a significant part of his funds invested in cryptocurrencies. He did not disclose the amount of Ethereum holdings. Still, he continued praising the crypto and said that it has the most potential, at least for the next year or two, as many exciting applications were built on its blockchain. He added that NFTs were only the start of what was getting built on top of the blockchain, and that was the reason behind many Ether holdings by him.

On the other hand, Vitalik Buterin called the Australian computer scientist Craig Wright a scammer and said that his claims of being the anonymous founder of Bitcoin were not true. Buterin said that Wright started on the right foot and made some positive contributions to the Bitcoin block debate. The arguments placed by Wright earned him some followership from the Bitcoin Cash community, but the scene turned sour after he started claiming that he was Satoshi Nakamoto.The Ethereum co-founder said that the cover of Wright was blown when he began stating several technically wrong arguments. Buterin concluded that Wright was a fraud for his lack of a solid argument on small block position. Meanwhile, the weak U.S. dollar also added in the upward momentum of ETH/USD on Thursday. Despite a better than expected U.S. CPI report, the greenback remained on the back foot as the U.S. Treasury Yields fell sharply, reached below 1.5% to 1.47%, and weighed heavily on the U.S. dollar. The greenback was also under pressure because of the dismal jobless claims report from last week.

Ethereum - ETH/USD Chart

ETH/USD Daily Technical Levels

Support Resistance
0.323310 0.353080
0.303860 0.363400
0.293540 0.382850
Pivot Point: 0.33630

The technical side of ETH/USD is unchanged at 2,479 level, having an immediate resistance at 2,631 level. ETH/USD is likely to provide support at 2,395 levels and 2,179 levels on the lower side. On the higher side, the violation of the 2,631 level is expected to extend buying trend until the 2,898 level. On the four hourly charts, the downward trend channel is keeping the Ethererum unchanged. The MACD and RSI are crossing above and below 0 and 50, respectively, suggesting neutral bias in the pair. Let’s consider taking a buying trade over 2,395 and selling trade below the same level. Good luck!

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