Ethereum Price Followed Bitcoin. Strong Support Is At $ 1800

Ethereum had a pretty busy week, starting with a drop to $ 2,000 and continuing to climb to new all-time highs close to $ 2,600. In the middle of this week, the price of the leading altcoin was performing quite confidently, despite the sluggish movement in the price of bitcoin.

Other top cryptocurrencies like Litecoin and Uniswap have also seen remarkable gains, once again rekindling hope for the start of the altcoin season.

However, after a sharp decline in the value of bitcoin from $ 56,000 to $ 48,000, the entire cryptocurrency market is currently in decline. Against this backdrop, the price of Ethereum dropped significantly, establishing support around $ 2,000.

At the time of this writing, the price of Ether was hovering at $ 2,172 with a pronounced bearish trend. Given the strong fall in Bitcoin, further losses are possible, although it must be admitted that ETH is much more stable in terms of price.

The Moving Average Convergence Divergence (MACD) indicator shows that sellers have an edge. For example, recently the MACD line (blue) crossed the signal line, highlighting the ongoing decline.

The Relative Strength Index (RSI) on the four-hour chart confirms the sustained bearish influence. This suggests that lower price levels will be investigated in the near future.

Losing a position at the 200th Simple Moving Average (SMA) could hurt the bulls even more. Support at $ 2,000 doesn’t seem strong enough to keep Ethereum from falling further. Strong support is seen at $ 1800, but if the downtrend continues, ETH is likely to fall to $ 1600.

Ethereum daily levels

  • Spot Rate: $ 2,225
  • Trend: bearish
  • Volatility: high
  • Support: $ 2,200 and $ 2,000
  • Resistance: 100 SMA and $ 2,400

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