- The price of Ethereum is expected to drop to $2,100.
- The next support level is at $2,200. The total cost of the project is $2,100.
- ETH is facing resistance at $2,300 and upside at $2,400.
The price of Ethereum could not break through the $2650 mark and fell below $2200. Although the price currently remains just above the $2190 level, the downward pressure is very strong and the price could fall even further if the sale continues.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. Among the major currencies that suffered losses were Ripple XRP and BNB, which posted declines of 8.68% and 5.99%, respectively. At the same time, a few cryptocurrencies like DOGE, Solana and USDC have seen bullish momentum.
Technical indicators for ETH/USDT
Technical indicators for ETH/USDT by Tradingview
According to all technical indicators, the MACD is bearish, which is represented by the red histogram. Nevertheless, the indicator has shown waning bearish momentum in the last few hours as the Ethereum price finds support at the $2,200 level. By EMS, the 26-EMA still trades above the 12-day EMS, and the difference between the two is significant.
The RSI is currently in the neutral zone just below the 44.00 mark and is not giving any signals. Last week the indicator was in the neutral zone. At press time, the RSI has returned slightly to the overbought zone, suggesting buyers are fighting back.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. Band extensions point to increased volatility for the Ethereum price. Meanwhile, price is consolidating below the median band line and could start a bearish reversal at any time.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 13 of the 26 major technical indicators supporting a bearish move. On the other hand, only three indicators give a buy signal, indicating bullish momentum. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The 24-hour technical analysis does not share this opinion and gives a weak buy signal. Nine of the 26 indicators point to a price increase, while eight indicators point to a price decrease. Nine indicators remain neutral and give no signal at the time of writing.
What can we expect from the Ethereum price?
4-hour price chart with trading view
Traders should expect the Ethereum price to return to the $2100 support level after the recent rejection at $2300. Price action set a low high yesterday, but since ETH failed to rise above $2300, bearish pressure will lead to a drop in support. Negative short-term technical indicators and mixed technical analysis point to a decline towards the $2100 level, with further decline unlikely.
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