ETH Loses 20% In 1 Week, Will It Sustain the $2K Support
On Monday, ETH declined by 8% as the leading coin drop to the $2,000 support. Against the large coin, Bitcoin, bulls try to defend the 0.061 BTC area. However, with increased bearish pressure.
ETH-USD –Ether Hits $2,000 After Consolidation Break
- Key Support Zones – $2,000, $1,925, and $1,888.
- Key Resistance Zones – $2,200, $2,340, and $2,400.
At the moment, Ethereum remains down by 20% on a week as the leading alternative coin hit the $2,000 support. Keep in mind that the asset traded in a symmetrical triangle formation over the last three weeks. However, ETH broke the consolidation on Friday after declining to $2,200.
Ethereum had weakness signs over the last day after hitting $2036, the February 2021 highs. The altcoin rebounded, closing the daily candlestick at nearly $2,245. However, sellers stormed the market today, driving Ethereum down to $1,975.
At the moment, ETH settles at $2,000 support, nearly a psychological figure strengthened by .786 Fibonacci Retracement. Any break under this level might send the best altcoin to lower levels in weeks to come.
ETH/USD Near Term Price Forecast
What holds the future? If the asset breaks the $2,000 level, the next support locates at $1,925, 23rd May 4-hour rebound. Other supports that follow are 200-d MA and .886 Fib ($1,888), $1,800 and declining 1.272 Fibonacci Extension ($1625).
Meanwhile, the first resistance level lies around $2,200. Others that follow include $2,340, $2,400, and 50-d MA and 20-d MA ($2,500).
The RSI is at its lowest since the price capitulation in May and seems to head lower as it indicates increased bearish momentum. However, the 4- hour chart shows some hope, hinting at an emerging bullish deviation.
ETH-BTC: ETH Bearish Attitude Extends with a Critical Support at 0.06 BTC
- Key Support Zones – 0.06 Bitcoin, 0.0585 Bitcoin, and 0.056 Bitcoin
- Key Resistance Zones – 0.063 Bitcoin, 0.065 Bitcoin, and 0.068 Bitcoin
For now, buyers attempt to defend the 0.06 BTC support against Bitcoin. Keep in mind that sellers pierced the 0.0628 Bitcoin level over the past week. However, buyers came in to establish the following support at 0.061 BTC.
The RSI remains in the bearish zone but with a gradual rise. That could indicate decreasing bearish momentum. However, it might also translate to bearish taking a break before increasing selling pressure in the market.
Stay tuned for what the ETH market could have next.
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