Ethereum Recovers the $2,000 level

Ethereum Recovers the $2,000 level

Ethereum’s losses continued below the critical $2,000 support level. Before the bulls took a position near the $1,700 level, ETH smashed the $1,800 mark. Near $1,700, a bottom marks, and the price began to rise again. The $1,800 and $1,900 resistance levels were clearly broken. On the hourly chart of ETH/USD, a break over a

Ethereum’s losses continued below the critical $2,000 support level. Before the bulls took a position near the $1,700 level, ETH smashed the $1,800 mark.

Near $1,700, a bottom marks, and the price began to rise again. The $1,800 and $1,900 resistance levels were clearly broken. On the hourly chart of ETH/USD, a break over a strong negative trend line with resistance near $2,000.

The price of Ether is currently slightly above the 50% Fib retracement level of the crucial slide from the $2,450 swing high to the $1,700 low. It remains, however, below $2,150 and the 100 hourly simple moving average.

The $2,150 level is the first big resistance. The biggest resistance is currently forming near $2,200. It’s around the 61.8 percent Fib retracement level of the crucial slide from the swing high of $2,450 to the low of $1,700. A closing above $2,200 might pave the way for a significant gain.

In this scenario, the price of ether could soar to the $2,400 resistance level. A possible intermediate resistance level is at $2,350.

New decline Ethereum levels?

If ethereum fails to break through the $2,200 resistance, it may resume its downward trend. On the downside, $2,000 serves as an initial support level.

The next significant support level is at $1,870. A closure below $1,870 might relaunch the decline. In the above scenario, the price might drop to around $1,700. In the short term, strong support might be seen at $1,620 and $1,600.

Related Posts – The Indian Finance Minister hails blockchain technology

Will
AUTHOR
PROFILE

Posts Carousel

Latest Posts

Top Authors

Most Commented

Featured Videos