ETH Price Analysis: Ethereum Struggles at $2K But Is More Pain Imminent?
Ethereum didn’t consolidate above $2,000 and is as soon as once more discovered beneath that degree. The sellers appear to have the higher hand as even the ETH/BTC chart is at the moment at the middle of many discussions.
Technical Analysis
By Grizzly
The Daily Chart
Breaking the MACD line by the Signal line (yellow circle) is basically thought-about a bullish sign within the every day timeframe. This has occurred prior to now, as proven by the chart with the yellow rectangle. However, the value has continued to maneuver down in every case. In different phrases – there have to be multiple affirmation to sign a reversal.
The bullish momentum is normally initiated when the MACD and the sign traces each enter the optimistic aspect whereas the value breaks the every day MA50. This could be thought-about a extra convincing affirmation.
Key Support Levels: $1700 & $1500
Key Resistance Levels: $2200 & $2450
Moving Averages:
MA20: $2130
MA50: $2645
MA100: $2775
MA200: $3226
The ETH/BTC Chart
As seen within the chart beneath, the value has lost dynamic help (in yellow) towards Bitcoin, and even on the retest, the bulls have been unable to push it above the pattern line.
This means that the downtrend is powerful. However, probably the most important degree stays the static help (in inexperienced) that the bulls have thus far defended twice. Ethereum and altcoins are prone to expertise a sharper drop if the sellers efficiently push the value right down to the inexperienced degree. In that case, ETH might attain $1500 and even $1300.
Key Support Levels: 0.065 BTC & 0.06 BTC
Key Resistance Levels: 0.07 BTC & 0.072 BTC
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Cryptocurrency charts by TradingView.
