Ethereum price has extended its losses ahead of the $1.5 billion options expiry on 25th June. Notably, the second quarter’s expiry is about 33% higher than that of 26th March. A few days prior to the past expiry, ETH/USD fell by about 15.35% before rallying by 60.70% two weeks after the expiry. Bulls are speculating a similar setup in next week’s event. The crypto’s bullish cycle will largely depend on next week’s expiry.
ETH/USD technical outlook
Ethereum price is down by 6.71% at 2,212.95. it has erased its weekly gains by dropping past last Friday’s intraday low of 2,258.46. On Tuesday, it has hit its one-week high at 2,642.86. Since then, it has been on a downtrend as a reaction to the Fed’s hawkish surprise. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages with an RSI of 29.
I expect Ethereum price to continue finding support along its current level of 2,203. It may rise to find resistance along the 25-day EMA, thus prompting its range-bound trading in the near term. The upper and lower borders of the horizontal channel will probable be at 2,400 and 2,203 respectively.
A move below the lower border will have the bears retesting the psychological level of 2,000. On the upside, a surge past 2,400 will place the next resistance level at 2,525.
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Ethereum price chart
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