TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over?

In the last few days the price of Ethereum (ETH), has been struggling against USDT (USDT), with more downward trend than the bullish sentiment in the recent weeks. 

Although Ethereum (BTC), has outperformed it in the last weeks, its price is in critical zones that will determine its main move.

Ethereum (ETH), Price Analysis on The Weekly Chart

Weekly Chart of ETH Prices | Source: ETHUSDT On Tradingview.com

You can see that the weekly low price for ETH was $1,020. It bounced and then rose back to $2,000 following strong recovery indicators in the recent weeks. 

ETH weekly candle closed with a 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 $1,800 after facing rejection from the $2,020 mark. 

While trying to retain key support, the market has not been able to gain more momentum.

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 – $2,020.

Weekly support for the price of ETH – $1,700.

Prices of Ethereum on the Daily (1D), Chart

Source: ETHUSDT On Tradingview.com| Source: ETHUSDT On Tradingview.com

The price for ETH was supported at $1.770, above a trendline, after successfully forming a bullish structural. On the daily chart, support at $1.770 is an area of interest.

ETH rallied after losing support to reach $1,770. It was then confronted with resistance and rejected from the region.

The price of ETH rose, forming a rising wedge that was rejected from $2,020. The declining wedge towards the downside was broken by the rejection in the ETH market.   

The price for ETH at the moment of writing is $1,700. This puts it just above the $1,660 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 $1,400

Relative Strength Index for ETH price on daily chart below 50. This indicates more sell orders.

Daily (1D) resistance for ETH price – $2,020.

Daily (1D) support for ETH price – $1,700, $1,660 .

Price Analysis For ETH on The Four-Hourly (4H), Chart

Source: Tradingview.com| Source: ETHUSDT On Tradingview.com

After breaking below the price, ETH’s bullish price structure failed to hold above its 50 EMA price or $1,850.

The 200 EMA acts as a key support to the price of ETH in the 4-H period.

If ETH does not hold 200 EMA support, that is $1,700, then we may see the price retesting $1,600 to determine the next support zone to hold the ETH prices.

Four-Hourly (4H) resistance for ETH price – $2,020.

Four-Hourly (4H) support for ETH price – $1,700, $1,600.

Featured image from Ethereum World Charts by TradingView.com 


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