ETH/USD Price Analysis – June 14, 2023

Daily Price Outlook

The current price of Ethereum is $1,851.83 USD, with a 24-hour trading volume of $4,607,248,013 USD. Ethereum saw a 1.24% increase in the previous day and has a live market cap of $222,647,665,210 USD.

A trader on the Ethereum network, known as a “diamond hand,” recently took $4 million in profits after holding onto their Ethereum for five years. However, such profit-booking actions by diamond hand traders can contribute to a negative outlook for the altcoin.

Over the past week, Ethereum experienced losses of over 8%, dropping to $1,739 on Binance. The trend of profit-booking among long-term holders has intensified, including a diamond hand trader who achieved a 400% profit on Ethereum after holding it for 1,800 days.

This profit-booking activity by strategic investors selling their holdings in Ethereum is viewed negatively for the asset, potentially signaling further decreases or a prolonged crypto winter.

The Ethereum price has been declining consistently since June 5, falling from $1,893.51 to $1,724.27 as of now, struggling to recover its losses.

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Technical Analysis

Ethereum broke below the $1,770 support level, extending the downtrend and pushing the price below $1,740. The presence of bearish candlestick patterns indicates strong selling pressure. The RSI is below 50, suggesting a selling bias.

The MACD confirms the ongoing downtrend. Unless Ethereum surpasses $1,760 or $1,770, the downward movement is likely to continue, potentially reaching the support at $1,700. Further support levels are at $1,647 and even lower around $1,600.

On the upside, a breakout above $1,770 could lead to resistance levels at $1,818 and $1,850. Investors may consider these levels as selling opportunities. Monitoring the $1,770 level is crucial, as a failure to break above it would indicate a continuation of the downtrend.