If during the first days of June, cryptocurrencies recorded a slight improvement in their price, this is no longer the case now. Many digital assets are seeing a drop in price and ether (ETH) is one of them. Its price has fallen below $1,900 and analysts don’t seem particularly positive about the future of the digital asset.
The drop in the price of ether (ETH) worries
For the past few days, ETH’s bullish move has been capped below the 21-day SMA. Although on May 30 the price of the cryptocurrency soared, it didn’t take long to descend to lower levels. Analysts believe that its lowest level will be $1,370. This will be when the altcoin hits the moving average. Conversely, its price could go up to $1,700 or even more.
What will be the next step for ETH? It is very likely that the digital asset will record again a series of drops. This will especially be the case if the uptrend does not outweigh the downtrend. Also, if investments do not allow ETH to break above the 21-day SMA, its price will always remain low according to professionals.
In view of the graphs and statistics available to them, the experts believe that nothing is likely to change ETH price over the next few days, barring intense market upheaval. To realize this, they use the Fibonacci tool. By tracing the course of the cryptocurrency and making projections, they realized that the price of ETH will fall to the level of the Fibonacci extension of $1,272 or $1,370.14.
The cryptocurrency market as a whole is seeing a considerable decrease in prices. In this more or less specific context, some digital assets are suffering. Their prices continue to fall to unforeseen levels. We are well aware of this with ether (ETH) for which analysts say they do not expect big growth in the days to come.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Behind the generic signature “Redaction CT” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.