Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000

Rekha chauhan
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Ethereum ETF ETHW

ETH price witnessed a sharp reversal from the session’s tops on Monday. The recent price action pull down the second-largest cryptocurrency to the coveted $2,000 mark. It briefly fell below the mentioned level but swiftly recovered. However, the ETH buyers keep on struggling to carry forward gains as face upside pressure.

  • ETH price upside movement lost traction as the fresh trading week begins.
  • The recovery mode took a step back as the U.S trading session started.
  • A strong red candlestick indicates the presence of the sellers at the upper level.

As of press time, ETH/USD reads at $2,000, down 6.45% for the day. The 24-hour trading volume sustains near $20,771,000,352 with gains of more than 48%.

A rise in volume along with a fall in price is a bearish sign. Thus, we advise investors to capitalize on any sell-side opportunity with proper trading levels.

Advertisement
Advertisement

ETH price looks weaker on the major time frame

Source: Trading view

ETH price attempted a bounce back from the lows of $1,701.04 made in the previous week. ETH recorded gains of 26% in four-session. But, investors should not be overwhelmed by the upside movement as due to the extreme oversold market condition, this bounce back in the price is very much anticipated.

The dark clouds for ETH are expected to stay longer. A slip below the day’s low would bring the prevailing trend back in action. On moving downside, the first target could be the psychological $1,700 level.

On the other hand, a change in the bullish sentiment might result in a U-turn in the price. A decisive close above $2,100 would see more gains toward $2,250 followed by the horizontal resistance zone at $2,500.

Looking at the technical indicators, the RSI (relative strength index) still holds below the average line indicating a warning sign for the buyers. The moving average convergence divergence (MACD) remains depressed with no clear directional bias.

 

 

Advertisement

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
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
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.