After its rejection from the region, Ethereum’s (ETH) price has not been able to surpass $2,000 against Tether(USDT).
In the recent days, Ethereum prices have struggled to reach the resistance of $2,000 despite the strong bullish signs. It has outperformed Bitcoin (BTC), during this relief rally. Many are now unsure if the bulls still have control of the price of ETH.
Ethereum (ETH), Price Analysis on The Weekly Chart
The chart shows that the weekly low price for ETH was $1,012, but it bounced back and rose to $2,000, indicating six consecutive weeks of bullish sentiments.
As it meets resistance at $2,000., the price has had trouble gaining momentum.
If the price of ETH on the weekly chart continues with this structure, it could quickly revisit $2,000 acting as a good resistance for the price of ETH.
Weekly resistance for the price of ETH – $2,000.
Weekly support for the price of ETH – $1,534.
The Daily Price Analysis of Ethereum (1D) Chart
The price for ETH reached $1,743, which was strong. There is an area of interest in the daily chart.
ETH has bounced back from support, and rallied against resistance of $2,000. After being rejected at the $2,000 mark the price of ETH continued its range. Breaking out of that resistance could push it higher to $2,400. It will then face major resistance at $2,000. This corresponds with the 200 Exponential moving average.
The price of ETH at the time of writing is $1,880. This is just below the $1,638 50 Exponential Moving average (EMA).
ETH must maintain above the support region that corresponds to the 50 EMA. A break in this area could lead to ETH’s price reaching $1,300
Relative Strength Index for ETH price on daily chart: Above 60. This indicates a strong buy bid.
Daily (1D) resistance for ETH price – $2,000, $2,400.
Daily (1D) support for ETH price – $1,638, $1,300.
Pricing Analysis of ETH on The Four-Hourly (4H), Chart
After meeting resistance at $2,000.00, the price of ETH seems to be struggling to rise above its current level.
The price of ETH is stable above 50 and 200 EMA, which are the $1,844 and $1,648, respectively, supporting the ETH price.
The price for Ethereum is trying to stay above 50 EMA, which acts as a support against the selling.
We could see ETH’s price hovering around $1,648 if it loses this support from a sale-off.
Four-Hourly (4H) resistance for ETH price – $2,200.
Four-Hourly (4H) support for ETH price – $1,884, $1,648.
Featured image taken from zimex. Charts from TradingView.com