Ethereum Price Forecast: ETH suffers rejection from $2,600 record high as $2,000 beckons

Published April 23, 2021 | Updated April 23, 2021

Ethereum Price Forecast: ETH suffers rejection from $2,600 record high as $2,000 beckons

  • Ethereum outperformed major cryptocurrencies this week to post incredible gains to $2,600.
  • An immediate correction led to the loss of accrued gains as declines eye $2,000.
  • Support at $2,200 and the 200 SMA could recall market stability by extension.

Ethereum has had quite an eventful week, starting with the drop to $2,000 before a majestic rise to new all-time highs around $2,600. The leading altcoin rallied despite the lethargic Bitcoin price movement mid this week. Other selected altcoins such as Litecoin and Uniswap also made appreciable gains, silently hinting at the altcoin season setting the pace.

However, the entire cryptocurrency market is currently in shambles following Bitcoin’s massive drop from $56,000 to levels under $50,000. Ethereum was purged from the newly achieved levels at $2,600 to seek refuge toward $2,000.

At the time of writing, Ether teeters at $2,225 amid a tightening bear grip. As the overhead pressure rises, declines become apparent.

ETH/USD four-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

The Moving Average Convergence Divergence (MACD) indicator reveals that sellers have the mantle. For instance, the MACD line (blue) has recently crossed under the signal line, emphasizing the ongoing breakdown.

The Relative Strength Index (RSI) on the four-hour chart affirms the solid bearish influence. In otherwise, formidable support is yet to be established and lower price levels will likely be explored.

Losing the ground at the 200 Simple Moving Average (SMA) would harm the bulls further. The support at $2,000 does not seem strong enough to hold Ethereum from dropping further. Formidable support is highlighted at $1,800, but if push comes to shove, Ether will dive to $1,600.

Ethereum intraday levels

Spot rate: $2,225

Trend: Bearish

Volatility: High

Support: $2,200 and $2,000

Resistance: 100 SMA and $2,400

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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
John Isige 942 Articles
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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