Ethereum Price Analysis: June 14 - 21
The weekly price analysis for Ethereum and Ethereum Classic.
Ethereum price is adjusting to the long-term growth. The question is, how will a fall in demand at the current level affect ETH?
Smart contracts fever
Russia and China are considering using Ethereum to digitalize their national currencies. According to the Vice President of the PBOC Research Department, the growing interest in smart contracts can be explained by the fact that the Enterprise Ethereum Alliance infrastructure allows you to develop truly great smart applications.
Blockchain Ethereum usage is unlikely to be used by banks, but the interest will surely grow. Right now, Ethereum price is “stuck” between two long-term resistance zones: $300 - $400. The upward trend structure hasn’t been broken yet.
After Ethereum price fell to $250, there was a rebound from the long-term resistance. The demand at the uptrend peak of $400 is significantly lower than it was on June 12-14. Overall, the demand and supply levels are falling. It indicates the traders’ uncertainty. The course needs a push and it will most likely be made by a major player. The strategic level is in the $300 area. If there’s a large player’s position there, there will be no downward movement if the price reaches its mark and the growth continues. If there are no positions at $250, there will be a new fall, which will start from a downward turn in the $340 - $350 area.
No changes in uptrend
After another fall to $14, Ethereum Classic couldn’t form a turn at the key point. This indicates that there’s support from a large buyer. If a large player does not start speculating to fix profits, the growth will go on.
The $20 area is essential for a large buyer, as it is in high demand. This is obviously higher than the one on June 12-14. That’s why the price reaction to the $20 resistance zone will be the key factor. If the demand stays the same on this mark and there is no downward turn, the growth will continue. Otherwise, the price fall to the starting point is quite likely.
Most likely scenarios
If there’s a correction to the $300 area and no downward turn, chances are Ethereum price will grow.
Ethereum Classic upward movement will go on if there is no downward turn at the $20 mark.