TA- Ethereum ETH Shows Bearish Signs, Eyes $1,700 As Nearest Support
18 Agosto 2022 - 8:30AM
NEWSBTC
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 weeks
outperformed the price of Bitcoin (BTC) but has shown bearish signs
indicating the ETH price could be set to retest the nearest
support. Related Reading: TA: Ethereum Could Take Hit As The Bulls
Show Weak Hands Ethereum (ETH) Price Analysis On The Weekly Chart
From the chart, the price of ETH saw a weekly low of $1,700, which
bounced from that area and rallied to a price of $2,030 after
showing great recovery signs in recent weeks. Ethereum’s
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 $1,850 after facing rejection from
the $2,020 mark. The price has struggled to build more
momentum as it tries to hold key support. 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 – $2,000. Weekly support for
the price of ETH – $1,700. Price Analysis Of ETH On The Daily (1D)
Chart The price of ETH found strong support at $1,770 above a
ranging channel after a successful breakout, with what seems to be
an area of interest on the daily chart. ETH bounced from its
support and rallied to $2,030, where it was faced with resistance
and was rejected from that region. The price of ETH has continued
to range in a rising wedge after being rejected from the $2,030
mark; the price has broken to the downside, indicating a
possibility of retesting the $1,700 support zone. At the point of
writing, the price of ETH is at $1,860, above the 50 Exponential
Moving Average (EMA), which corresponds to $1,652. 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 $1,200. The
Relative Strength Index (RSI) for the price of ETH on the daily
chart is above 55, indicating good buy bids. Daily (1D) resistance
for ETH price – $2,030. Daily (1D) support for ETH price – $1,740,
$1,600. Price Analysis OF ETH On The Four-Hourly (4H) Chart The
price of ETH continues to look bullish and holds above the 200 EMA
price corresponding to $1,648. On the 4H timeframe, the 200 EMA is
acting as a support for the price of ETH after breaking out below
the rising wedge. If ETH fails to hold the support region, we could
see the price retesting the region of $1,200 as the next support
area to hold the ETH price. Four-Hourly (4H) resistance for ETH
price – $2,030. Four-Hourly (4H) support for ETH price – $1,600,
$1,200. Related Reading: Expert Outlines Best Crypto Assets To Hodl
During Crypto Winter Featured image from DevianArt, Charts from
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