- Ethereum rejected at the 50 SMA on the four-hour chart.
- Ether bulls battle to secure immediate support at $2,000, highlighted by the 100 SMA.
- The least resistance path is south, but support at $2,000 may bring back market stability.
Ethereum bounced off support at $2,000 amid the weekend session declines. Bulls fought around the clock to reclaim most of the ground to $2,500, but the uptrend stalled under the 50 Simple Moving Average (SMA) on the four-hour chart. Recovery became a challenging task, allowing bears to swing into action.
Ethereum technical levels worsen
The four-hour chart suggests that the short-term technical levels have weakened in the last 24 hours. The Moving Average Convergence Divergence (MACD) indicator failed to secure the ground within the positive region. The slide into the negative territory is a massive bearish signal. The gravitational force is accentuated by the MACD line (blue) crossing under the signal line. As the signal line’s divergence widens, the bearish grip gets more vigorous.
In the meantime, Ethereum trades around $2,100 amid increasing overhead pressure due to the 100 SMA at $2,200. Losses to $2,000 beckon amid the bearish picture. The 200 SMA is in line to offer support; however, if lost, declines may extend to the next anchor zone at $1,800.
ETH/USD four-hour chart
It is worth keeping in mind that if support at $2,000 holds, a rebound such as Sunday may occur. Reclaiming the ground above the 50 SMA could trigger massive buy orders as investors speculate the rise to $2,500.
Ethereum intraday levels
Spot rate: $2,095
Support: 200 SMA and $1,800
Resistance. The 100 SMA and 50 SMA on the four-hour chart