Ethereum Price Prediction: Why ETH Can Trade Bearish Under $2,015?

• Ether started a slide from the $2,000 barrier zone and can trade bearish under it.
• With a 24-hour trading volume of $18,087,497,363, Ethereum is currently trading at $1,933.64.
• Ethereum price prediction seems bullish above $2,000 and bulls can target $2,150 and 2,328 levels.

Since it passed the $2,000 mark, Ethereum has struggled to gather traction. Although dips below $1,900 seem unlikely, ETH is correcting lower. Ether started a slide from the $2,000 barrier zone. The price is still trading over $1,900, and the 100 hourly simple moving average. The downside correction may be extended if Ethereum fails to break through the $1,980 barrier level. $1,920 is an initial support level on the downside. With a 24-hour trading volume of $18,087,497,363, Ethereum is currently trading at $1,933.64. Ethereum’s price has decreased by 2.24 percent in the last 24 hours. The current market ranking is # 2, with a live market cap of USD 233,976,636,936.

Let’s take a quick look at the major events affecting the BTC/USD coin.

Dip In Crypto Market & Bullish US Dollar

The losses in Ethereum could be attributed to the ongoing decline in the crypto market. The bearish trend in Bitcoin, the world’s largest cryptocurrency, demonstrates this. The current Bitcoin price is USD 31,134.05, with a 24-hour trading volume of $33,178,479,936. Bitcoin has dropped 0.27 percent in the last 24 hours. Meanwhile, the strong US dollar was another important factor in keeping ETH/USD prices low.

Higher Treasury yields propelled the dollar to a two-week high against the yen on Wednesday as global inflation fears resurfaced. The dollar index, which compares the greenback to six major currencies, rose 0.29 percent to 102.05, extending a 0.38 percent gain from Tuesday when euro-area consumer inflation reached a new high. The dollar gained 0.42 percent to 129.22 yen, having previously reached 129.295 for the first time since May 18.

Relevant analysis: Bitcoin Price Prediction: Why BTC Could Drive Sell-off Under $30,000? 

Dubai Hotel Accepts Crypto Payments

The Manor Hotel by JA in Dubai, on the other hand, is now accepting cryptocurrency payments. Because they collaborate with Binance, guests can now pay for their hotel stay using Binance currency (BNB), Bitcoin (BTC), or Ethereum (ETH). The hotel has joined the Binance-managed payment gateway to make these asset payments easier. The hotel’s website will link to Binance’s cryptocurrency payment gateway. In addition, the hotel “adheres to strong security measures for equally protecting the rights of customers and business owners,” according to its official website. As a result, this positive news may assist ETH prices in limiting their losses.

In the meantime, Ethereum is getting closer to transitioning from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake mechanism. In an event known as “The Merge,” the existing network and its decentralized application will begin running on the latter. A core ETH developer, Tim Beiko, recently reported the successful launch of a Beacon Chain, or mainnet PoS network, for its longest-running PoW testnet “Ropsten.” This will make it easier for the developers to get “The Merge” on the test network. The date of June 8 has been set. If the test is successful, Ethereum and its developers may soon be on their way to a mainnet Merge event.

Ethereum Price Prediction: Downward Trendline to Drive Sell-off

Ethereum is currently trading at the $1,933 level, and facing immediate resistance at the $2,015 level. On the 4-hour timeframe, ETH/USDT has formed a descending triangle pattern that’s suggesting a bearish bias. Typically, a descending triangle pattern drives a downward movement in the market.

Technically, the breakout of  $2,015 resistance can lead Ethereum’s price towards the next resistance level of $2,150 and $2,330.

On the bearish side, the 50-day exponential moving average (EMA) is likely to extend support at the $1,908 level. A break below the $1,908 level can expose the ETH/USD price to the $1,750 level. The RSI and MACD are in support of a buying trend, therefore, the breakout of $2,015 can help us capture a buying trade. Buyers can target $2,150 and 2,328 level. Good luck!