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EthereumShows Bearish Signs, Eyes $1,700 As Nearest Support
The price of Ethereum (ETH) has struggled to hold above $2,000 against Tether (USDT) after being rejected from that region.
Ethereum price in the past few weeks outperformed the price of Bitcoin (BTC) but has shown bearish signs indicating the ETH price could be set to retest the nearest support.
Ethereum (ETH) Price Analysis On The Weekly Chart
Weekly ETH Price Chart | Source: ETHUSDT On Tradingview.com
From the chart, the price of ETH saw a weekly low of $1,700, which bounced from that area and rallied to a price of $2,030 after showing great recovery signs in recent weeks.
Ethereum’s weekly candle closed with the bullish sentiment, with the new week’s candle looking bearish for the price of ETH as it continued to decline in price to a region of $1,850 after facing rejection from the $2,020 mark.
The price has struggled to build more momentum as it tries to hold key support.
If the price of ETH on the weekly chart continues with this structure, it could quickly revisit $1,700, acting as a support for the price of ETH.
Weekly resistance for the price of ETH – $2,000.
Weekly support for the price of ETH – $1,700.
Price Analysis Of ETH On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of ETH found strong support at $1,770 above a ranging channel after a successful breakout, with what seems to be an area of interest on the daily chart.
ETH bounced from its support and rallied to $2,030, where it was faced with resistance and was rejected from that region.
The price of ETH has continued to range in a rising wedge after being rejected from the $2,030 mark; the price has broken to the downside, indicating a possibility of retesting the $1,700 support zone.
At the point of writing, the price of ETH is at $1,860, above the 50 Exponential Moving Average (EMA), which corresponds to $1,652.
ETH needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of ETH to $1,200.
The Relative Strength Index (RSI) for the price of ETH on the daily chart is above 55, indicating good buy bids.
Daily (1D) resistance for ETH price – $2,030.
Daily (1D) support for ETH price – $1,740, $1,600.
Price Analysis OF ETH On The Four-Hourly (4H) Chart
Four-Hourly ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of ETH continues to look bullish and holds above the 200 EMA price corresponding to $1,648.
On the 4H timeframe, the 200 EMA is acting as a support for the price of ETH after breaking out below the rising wedge.
If ETH fails to hold the support region, we could see the price retesting the region of $1,200 as the next support area to hold the ETH price.
Four-Hourly (4H) resistance for ETH price – $2,030.
Four-Hourly (4H) support for ETH price – $1,600, $1,200.
Featured image from DevianArt, Charts from TradingView.com
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