After a sharp drop from the $2600 region, Ethereum’s price is now struggling to hold above the $2240 mark. The daily candle has closed red for three consecutive sessions, confirming that the demand zone of $2,425 to $2,450 is no longer in place. Intraday action has a heavy bearish bias, with RSI approaching oversold levels and MACD slipping across multiple timeframes.
What’s happening with Ethereum’s price?
Ethereum’s 4-hour graph confirms that the wedge structure has broken down below what was in place throughout mid-June. The current price is trading at $2,245, well below the 20/50 EMA group near $2,480 to $2,525. The price is also outside the lower Bollinger Band of $2,243, indicating that Ethereum volatility is high and downside risk is increasing.
The Parabolic SAR dots hover over the candles and show persistent bearish momentum.
From a larger trend perspective, the chart shows a rejection of the $2,800-2,850 supply zone. Ethereum is now testing the long term trendline that started in April near $2230. A close below this level could trigger a further decline towards the $2,070-$2,100 area.
Why is the Ethereum price going down today?
The answer lies both in the price structure and the sentiment on-chain. The RSI on 30-minute and 4-hour chart has dropped below 30 now printing 29,85 — a signal of short-term fatigue, but not a confirmed reversal. The MACD histogram for lower timeframes is flat with a weak bullish cross-over that lacks conviction.
The spot Ethereum price spikes are in line with net outflows, which adds to the bearish narrative. According to data from the on-chain from June 21, ETH experienced a net outflow $140.76 millions, indicating traders are withdrawing their assets from exchanges. This is typically a bearish sign when accompanied with falling prices.
The Supertrend turned red on 20th June and remains bearish, with no reversal signs yet. The ETH price broke below the rising wedge on the intraday chart. The bearish pressure will continue until the price is able to reclaim the $2.310-$2,330 area with strength.
Short-Term Outlook – Can Ethereum Hold $2,230?
The structure shows ETH below the key moving averages including the 20/50/100/200 EMAs. The next immediate support is at $2,230 – the lower trendline from the broader daily chart. If this fails, it is likely that the price will move towards $2,100.
On the upside, reclaiming the $2,310 (VWAP) and Bollinger midline could open the way to $2,434(BB basis) and 2,483 (EMA50). Volume is decreasing and volatility is increasing, which increases the risk of a further leg down before a meaningful recovery attempt.
The Ethereum price update is still bearish, while short-term indicators show a loss of momentum. Only a strong move above $2,425 could invalidate the current structure.
Ethereum Price Forecast Table – June 23, 2025
|
Indicator / Zone |
Level (USD |
Signal |
| Resistance 1 | 2,310 | VWAP / Minor rejection zone |
| Resistance 2 | 2,434-2,483 | EMA50/BB midline |
| Support 1 | 2,230 | Daily trendline/breakdown edge |
| Support 2 | 2,070-2,100 | Demand zone / Prior swing low |
| RSI (4H). | 29.85 | Oversold, bearish |
| MACD (30-min). | Weak Bullish | Momentum fading |
| Bollinger Bands (4H) | Expanding | High Volatility |
| Netflow (21 June) | -$140.76M | Bearish outflow |
| Supertrend 4H | Red | Downtrend bias |
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