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Ethereum Rejects $2k, Retest Of $1,800 Imminent

Anifowoshe Ibrahim
Anifowoshe Ibrahim
2 years ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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The current Ethereum price analysis is bearish due to multiple instances over the previous day of rejection for additional upward. As a result, we anticipate ETH/USD to drop below $1,900 and then retest $1,800 as support.

Ethereum Rejects Upside

Since reaching a daily high of $2012, Ethereum has corrected by 6.6%. The price range between $1700 and $1800 is the crucial support level, and it is crucial for ETH to maintain above it to stop any further falls.

Technically speaking, Ethereum is advancing inside a rising wedge (in yellow), which is a bearish trend. The trade volume on Binance is also declining concurrently. This implies that the number of buyers is gradually dropping.

Assume that the bulls can prevent the pair from breaking below the important support in the $1,700–$1,800 region (shown in green). In this instance, it is anticipated that after a temporary retreat, the rising trend will carry on with $2200 as the target. On the other hand, if the price drops below the indicated support, bears will have a chance to hit $1350-1280. (in light blue).

ethereum

ETH/USD 4-hour chart. Source: TradingView

Since the beginning of August, when a significant higher high was recorded slightly below $1,600, the price of ethereum has been moving strongly in the direction of the bulls. After some consolidation, the ETH/USD pair on Wednesday overcame previous resistance at $1,800.

After that, positive momentum increased until it reached the $1,900 resistance, where it briefly stabilized once more. Retracement, however, did not occur because another upward spike led to the current swing high being made at $2,000.

Yesterday, as the $2,000 barrier was momentarily surpassed before bearish momentum rapidly returned, the price of ethereum tried to rise even higher. Another lower local high was established overnight to today, leading to a breach below the $1,900 support over the last few hours and paving the door for much more decline.

Related Reading

Ethereum

Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone

1 year ago

On-chain Info

The graph below demonstrates how the decline in exchange reserve has coincided with the growing trend of ETH. The outflow is greater than the intake, as seen by the red histogram bars. The histogram bars have changed color to green during the past four days.

ethereum

Source: Cryptoquant

This suggests that investors put their coins on deposit in anticipation of a potential selloff. Knowing that this influx is connected to the spot market is helpful.

Related Reading

ethereum

Will Ethereum Breach $2,000 Before The Merge?

2 years ago
Featured image from Coinmarketcap, chart from TradingView.com, Cryptoquant
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Anifowoshe Ibrahim
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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