TA- Price Of Ethereum Faces Rejection At $2,000: Are bulls Still In Control?

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 days has struggled to reclaim the $2,000 mark that has become a resistance despite showing strong bullish signs and outperforming Bitcoin (BTC) in this relief rally. The price of ETH ranging has led to many feeling weary if bulls are still in control.

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 $1,012, which bounced from that area and rallied to a price of $2,000 making six straight weeks of bullish sentiments.

The price has struggled to build more momentum as it faces resistance at $2,000.

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.

Price Analysis Of Ethereum On The Daily (1D) Chart Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

The price of ETH found strong support at $1,743, with what seems to be an area of interest on the daily chart.

ETH bounced from its support and has rallied as it faces resistance at $2,000. The price of ETH has continued to range after being rejected from the $2,000 mark, breaking out of this resistance could send the price of ETH higher to a region of $2,400 where it will be faced with major resistance at $2,400 which corresponds to the 200 Exponential Moving Average. 

At the point of writing, the price of ETH is at $1,880, narrowly above the 50 Exponential Moving Average (EMA) which corresponds to $1,638.

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 $1,300.

The Relative Strength Index (RSI) for the price of ETH on the daily chart is above 60, indicating a good buy bid for ETH.

Daily (1D) resistance for ETH price – $2,000, $2,400.

Daily (1D) support for ETH price – $1,638, $1,300.

Price Analysis OF ETH On The Four-Hourly (4H) Chart Four-Hourly ETH Chart | Source: ETHUSDT On Tradingview.com

The price of ETH is having a hard time breaking out above to a higher height after facing resistance at $2,200. 

On the low timeframe, the price of ETH has remained strong above the 50 and 200 EMA which corresponds to the prices of $1,884 and $1,648 acting as support for ETH price.

The price of ETH is trying to hold above the 50 EMA acting as a support for the price of ETH from the sell-off.

If ETH fails to hold this support due to a sell-off we could see the price of ETH in the region of $1,648.

Four-Hourly (4H) resistance for ETH price – $2,200.

Four-Hourly (4H) support for ETH price – $1,884, $1,648.

Featured image from zipmex, Charts from TradingView.com

by jamesobande on August 17, 2022 at 12:17AM