- Ethereum price is back to the drawing board at $2,000 amid an intensified tug of war between the bulls and the bears.
- Cracking the support at $2,000 could open the can of worms as ETH explores levels toward $1,800.
Ethereum lost the bullish bid early in the week when it became increasingly difficult to break the barrier at $2,200. On the downside, support at $2,100 failed to hold, allowing bears a brief filed day toward $2,000.
At the time of writing, Ether holds slightly above $2,000 amid a push by the bulls to avert potential losses toward $1,800. It is worth mentioning that the bearish leg will stretch further if Ethereum makes a four-hour close below this crucial level.
Odds For Ethereum Price Drop To $1,800 May Soar
The Moving Average Convergence Divergence (MACD) indicator shows a vivid bearish picture highlighted on the four-hour chart. This technical tool tracks the trend of an asset and also calculates its momentum.
As moving averages forming the MACD oscillate, bullish or sell signals are released, thus helping investors make informed decisions regarding Ethereum’s prevailing trend. For instance, a call to sell Ether recently appeared as the 12-day exponential moving average (EMA) crossed below the 26-day EMA.
The bearish outlook is also reinforced by the MACD’s inability to come out of the area under the mean line. Therefore, the lease resistance seems downward as long as the technical picture remains the same.
ETH/USD four-hour chart
A death cross pattern appearing on the four-hour chart adds credence to the bearish outlook. Realized that a bearish signal occurs when a short-term moving average moves below its longer-term moving average. The Ethereum chart above shows the 50-SMA crossing beneath the 200 SMA, suggesting that the price is will likely consolidate at a lower level.
Support at $2,000 is the determinant of Ethereum price next trend. A four-hour close above this level may call more buyers into the market, thereby lifting toward $2,400.
Ethereum Intraday Levels
Spot rate: $2,030
Support: $2,000 and $1,800
Resistance: $2,200 and $2,400