- Summary:
- China's expanded cryptocurrency restrictions have caused Ethereum prices to drop 14%, but the Ethereum price predictions shows the worst is still ahead.
As China moves to expand the horizon of its cryptocurrency bans, the Ethereum price prediction based on the daily chart picture shows that the current support is all that holds back Ethereum prices from a collapse below $1800.
The People’s Bank of China (PBoC) met with several stakeholders in China’s banking and online payments industry and released a document that effectively broadened the base of the cryptocurrency ban. The crypto market has reacted negatively to the development, with Ethereum prices crashing more than 14% this Monday.
The latest events have introduced more FUD into the market. As Ethereum prices fall below $2k for the first time in a month, we look at the possible price levels of note and form an Ethereum price prediction from there.
Technical Levels to Watch
The Ethereum price prediction of a drop below 2000 has played out, as the daily candle has broken below the channel’s lower border. However, the active candle has found support at the 1935.79 support. If this support level gives way, we could see a further dip to 1844.20, before 1737.45 comes into the picture.
A bounce from the current support lines up a retest of 2047.27 (lows of 20 April and 20 June). 2143.44 comes into the picture as an additional barrier, but Ethereum prices have a real chance of price recovery only if 2439.10 gives way, opening the door for 2600 and 2800.26.
ETH/USD Daily Chart
