August 17, 2022

Ethereum Price Analysis: Will ETH’s Sideways Action End Soon Above $2000?

2 min read

ETH/USD – – Bulls Struggle At $1850 Resistance With Bearish Divergence Still Present

Secret Support Levels: $1765, $1700, $1685.
Secret Resistance Levels:$1850, $1900, $1960.

Up until now this weekend, Ethereum has actually dropped practically 3% after reaching the resistance at $1850 (1.618 Fib Extension). The coin was having a hard time to break $1800 throughout the previous week but permeated above it on Friday to reach $1850.

It had actually also failed at the resistance at the upper border of a rising rate channel and has dropped to $1800 today.

ETH/USD Daily Chart.

Source: TradingView ETH-USD Short Term Price Prediction Looking ahead, the first resistance lies at $1850. This is followed by $ 1900, $ 1960(1.272 Fib Extension),

$ 2000, and $ 2061 (1.414 Fib extension ). Additional resistance lies at $ 2200. On the other side, the very first assistance lies at $ 1765. This is followed by $ 1700, $ 1685, and $ 1560(.236 Fib & lower border of the rate channel). The RSI is revealing bearish divergence in February as it makes lower highs while the cost action has actually made greater highs. If this plays out, ETH might be heading towards the lower limit of the rate channel.

ETH/BTC – – Bears Testing.5 Fib Support

Secret Support Levels: 0.0361 BTC, 0.0349 BTC, 0.034 BTC.
Secret Resistance Levels: 0.038 BTC, 0.039 BTC, 0.0396 BTC.

Against Bitcoin, Ethereum has been struggling this month after dropping from 0.046 BTC. Over the past 6 days, Ethereum has been rangebound in between 0.0372 BTC (.5 Fib) and 0.039 BTC.

Today, ETH has slipped beneath 0.0372 BTC to strike 0.037 BTC. We still require to wait for an everyday candle light close today to validate it has broken beneath the.5 Fib Support.

< img class="size-full wp-image-104394" src="" alt="ethbtc-feb14" width="2908" height="1884" srcset=" 2908w, 300w, 1024w, 768w, 1536w, 2048w, 50w" sizes =" (max-width: 2908px )100vw, 2908px"/ >

ETH/BTC Daily Chart. Source: TradingView ETH-BTC Short Term Price Prediction

Looking ahead, the very first support beneath 0.037 BTC lies at 0.0361 BTC (March 2019 High). This is followed by 0.0349 BTC (drawback 1.272 Fib Extension), 0.034 BTC (100-days EMA), and 0.0337 BTC (November 2020 Highs).

On the other side, the first resistance lies at 0.038 BTC. This is followed by 0.039 BTC, 0.0296 BTC (Feb 2019 High), and 0.0405 BTC (2020 High).

The RSI is beneath the midline, indicating the bears are in control of the marketplace momentum.