The price of Ethereum approached the $ 2,000 level. Analyst Valdrin Tahiri evaluated the current state of Ethereum based on weekly and daily charts. The weekly chart looks complicated. Ethereum price turned bearish after climbing above $1,950 in early April. According to the analyst, Ethereum started to move in the $1,650-1,950 range after this point. The bounce last week confirmed this range of Ethereum.

The situation on the RSI indicator is complicated. RSI also bounced off the 50 level as the price rose, but the rise did not continue. According to the analyst, therefore, the risk of falling below 50 remains.
The daily chart offers a more positive outlook due to price action and the Elliot wave theory. It is stated that the price completed the five-wave ascent and peaked on April 17. After that date, there was a decrease in a descending parallel channel. According to Valdrin, the move inside the channel can be interpreted as a correction and the price bounce from the 0.5% Fib level confirms this.
Valdrin states that there are usually exits from descending parallel channels. On June 21, what was expected came true and Ethereum topped the channel. A rise towards the $2,500 resistance is predicted in the short term. However, it is stated that if Ethereum falls back into the channel, it will show that the correction may deepen.
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