- The price of Ethereum is expected to drop below $2200.
- The next support level is at $2,200 and below that at $2,000.
- ETH is facing resistance at $2400.
The price of Ethereum broke through the $2600 mark in recent days, but was unable to continue its upward movement and fell below $2160. Although the price remains just below $2160 at press time, the downward pressure is very strong and the price could fall even further in the near future
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major cryptocurrencies posting losses during this period. The largest losses were experienced by NBB and DOT, which fell 16.62% and 14.47%, respectively. Meanwhile, Bitcoin and Ethereum saw declines of 10.42% and 12.13%, respectively.
Technical indicators for ETH/USDT
Looking at the technical indicators, the MACD in the dark red histogram shows strong bearish momentum. The indicator showed bullish momentum for the Ethereum price until 12pm today, but since then the indicator has shown a bearish reversal, with the 26-day EMA crossing the 12-day EMA. During the drawdown, both EMAs continue to decline, with the 12-EMA diverging from the 26-EMA.
The RSI is currently hovering in the neutral zone just above the 44.00 level and giving no signals. Last week the indicator was in the neutral zone. Since yesterday, the RSI has been steadily falling into oversold territory with a slight slope, indicating strong bearish momentum.
Currently the Bollinger Bands are wide, but they will converge in the near future due to the dark red candles. The convergence of the bands suggests less volatility in the Ethereum price. Meanwhile, when the price consolidates to well below the centerline of the bars, the bars will slope downward for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 14 of the 26 major technical indicators supporting a bearish move. On the other hand, only two indicators give a buy signal, indicating a rising correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The 24-hour technical analysis does not share this view and remains neutral with a bullish bias. The analysis shows that 18 indicators are evenly split between neutral and bullish positions, while eight indicators show bearish price movement in the time frame.
What can we expect from the Ethereum price?
Traders should expect the price of Ethereum to continue its free fall back to the $2000 mark. Short-term technical analysis is bearish, while technical indicators such as the RSI still point to the possibility of a further decline. Ethereum’s price is currently under heavy selling pressure, and combined with bearish market sentiment, ETH is expected to drop to the psychological $2,000 level before finding solid support.
Conversely, if buyers defend the $2200 support level, ETH could climb back up to the $2400 level. However, a strong downward pressure would lead to a further decline and the price movement would stop.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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