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Ethereum Price Forecast: ETH tumbles to $2,000 as losses to $1,800 linger

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  • 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.

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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

ETH/USD price chart by Tradingview

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

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Trend: Bearish

Volatility: High

Support: 200 SMA and $1,800

Resistance. The 100 SMA and 50 SMA on the four-hour chart

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John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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