Ethereum Price Analysis: $ETH Price Coiling Before a Robust Move; is $2000 Next Target?

Brian Bollinger
Updated
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Ethereum Price Analysis

Ethereum Price Analysis: The ongoing recovery rally in Ethereum price hits a major roadblock at $1926. In the last four days, the coin price showcased three failed attempts to surpass this barrier, indicating the sellers are actively defending this level. However, the buyers have not thrown towels yet and limited the downward projection to $1867. The two horizontal levels have created a range that could influence the near future price of the ETH coin.

Also Read: Buy Ethereum on eToro, Or DCA Into Tradecurve?

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Ethereum Price Daily Chart

  • The range formation between the $1926 and $1867 levels can be considered as no-trading zone
  • Ethereum fear and greed index at 59% reflects a positive sentiment in the market 
  • The intraday trading volume in Ether is $884.5 Million, indicating a 18.7% gain.

Ethereum Price AnalysisSource- Tradingview

In the 4-hour time frame chart, the Ethereum price showed a narrow range formation between $1926 and $1867 levels. The coin price has retested both the aforementioned levels at least thrice indicating an uncertain sentiment among traders. 

However, despite the overhead supply, the buyers prevented a breakdown below the $1867 price level indicating the overall market trend is still optimistic. Thus, the ETH price is more likely to break overhead resistance to resume prevailing recovery.

A breakout above $1926 would replenish the bullish momentum and surge the price to immediate resistance of $2020.

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Will Ethereum Price Fall Back to $1800?

The current consolidation in Ethereum price must be triggered by selling pressure generated from profit booking more short-term traders and the overall uptrend sentiment. Therefore, to avoid getting trapped in this chaos the new traders must wait for a breakout beyond this range to determine potential price movement. A possible breakdown below $1867 could plunge the price back to a recently breached trendline of $1800.

  • Relative Strength Index: A falling RSI slope of a 4-hour chart reflect the increasing supply zone and potential breakout of $1867
  • Exponential Moving Average: A bullish crossover between the 100 and 200 EMAs near the $1800 support would increase the support strength of this level.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.