Ethereum remained below 2,000 dollars; How long does the downward trend continue?
Ethereum started a correction yesterday near the $2,000 resistance. This downward trend has continued until this moment and may bring the price below $1,800 in the short term.
To Report News BTC, Ethereum has repeatedly tried to start a new upward trend above the $2,000 level in the last few days; But these efforts were fruitless and the price continued to drop below $1,950.
The downward movement of Ethereum the previous day was accompanied by the breaking of the support of $1,920 and the 100-hour exponential moving average (EMA 100 – blue line in the picture), and that upward trend line, which formed a support in the range of $1,925, was completely broken. and Ethereum finally lost the support of $1,900.
Ethereum’s price floor in recent hours has formed around $1,862 and the price is slowly correcting its previous losses. If the market goes up, the closest support will be $1,900, which is almost in the same range as the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the downward movement of the price from $2,030 to the bottom of $1,862. $1,945 and $1,950 are the next key resistances for Ethereum.
The 50% Fibonacci retracement level is also near $1,950, and a complete price crossing of this area can increase the chance of Ethereum to return to $2,000. If this upward trend continues, we can expect Ethereum to jump to $2,080 in the short term.
On the other hand, if Ethereum fails to break through the $1,950 resistance, the downward trend of recent hours can continue. In this case, the closest support in front of Ethereum will be the $1,862 level.
The next key support is at $1,850, a break of which could send Ethereum down to $1,810. Continued dominance of the market by sellers may also increase the risk of Ethereum falling to $1,720.
The MACD index is leaving the bullish range and the relative strength index (RSI) is below the middle axis at the 50 level.
As mentioned, $1,860 is Ethereum’s key support, and $1,950 is acting as price resistance.