ETH price down today?

Ethereum’s native token, Ether (ETH), has decreased by almost 7% due to a combination of fundamental and technical factors. On June 15, the price of Ether dropped 1.7% to around $1,620, its lowest level in three months. The decline in ETH price came as part of a broader weekly downtrend accelerated by the Federal Reserve’s hawkish tone a day earlier. The US central bank left the benchmark interest rates unchanged due to cooling inflation, but its chairman, Jerome Powell, asserted that they would hike rates more than investors had expected in 2023, as long as consumer prices drop meaningfully and significantly. ETH’s price has declined by approximately 7.5% since Powell’s statement. In recent years, Ether has behaved like a riskier asset, showing a strong positive correlation with the US stock indexes. Ether’s price decline in the last 24 hours has also triggered a wave of leveraged long liquidations that reached $54.95 million on June 15, the highest among the top-ranking crypto assets. Meanwhile, the open interest of Ether-tied contracts dropped from nearly $6 billion on June 14 to $5.69 billion on June 15. Ether’s selloff accelerated due to the price losing a key support confluence comprising multi-month ascending and horizontal trendlines and a 200-day exponential moving average (200-day EMA; the blue wave) near $1,750. However, ETH/USD has the potential to recover a portion of its recent losses in June, given its daily relative strength index (RSI) has dropped below 30. An “oversold” area that typically precedes a rebound or consolidation. Ether’s longer-timeframe chart also hints at a potential recovery ahead. The ETH/USD pair is still treading above its 200-week EMA (the blue wave) near $1,600, a psychological support level since March 2023. The 200-day EMA support coincides with the lower trendline constituting what appears to be a bull flag. Therefore, Ether’s likelihood to rise toward the flag’s upper trendline near $1,850 is high on a decisive rebound from the lower one. This would be an approximately 15% jump from current prices. Meanwhile, a break above the flag’s upper trendline could have the ETH price reach $2,500 in 2023 as its next upside target. Conversely, the bearish scenario will be a drop below the flag’s lower trendline, which could further pull down ETH price, particularly toward the Q1 support range of $1,400-1,450.