Summary of the situation
- The ETH price forecast shows the recent Ethereum price divergence on the 12-hour chart at the 50 simple moving average.
- Ethereum bulls are currently struggling to establish the crypto asset above the immediate support of 2000, which is marked by the 100 simple moving average.
- According to the chart of Ethereum price, ETH is likely to face less resistance as it falls.
- Ethereum’s support zone at $2000 looks solid and should bring stability to the ETH market.
It’s been a terrible week for Ethereum, with the crypto asset seeing a significant price drop in the space of 72 hours.
EPF Price forecast: Price Overview
Currently, the Bulls seem to be focusing on protecting and restoring lost land in a $2,500 area. Although the Bulls are working tirelessly to achieve this, this goal still seems a long way off. Ethereum’s uptrend seems to be losing momentum below the 50 simple moving average on the 12-hour chart. Ethereum currently seems to be struggling for a price recovery due to the current bearish aggression in the crypto-currency market.
ETH price movement in the last 24 hours
Source: TradingView
At the time of writing, Ethereum is trading in the region with a value of $2,141. In addition, the IntoTheBlocks In/Out of the Money Around Price (IOMAP) technical indicator shows that Ethereum is facing significant resistance in the $2,190 to $2,260 range. Here, more than 158,000 addresses have purchased more than 8 million Ethereum tokens. The price range includes the 161% Fibo extension in the 2018 bear market, where Ethereum depreciated to $2,248.
After the bearish season of 2018, Ethereum experienced a positive price movement shortly after reaching the $2,248 level. Although some analysts believe the market will continue to decline, Ethereum needs to break through the second resistance level of $2,500 to continue its previous upward trend.
ETH 4-hour chart
Source: TradingView
According to the 4-hour chart, Ethereum’s short-term technical analysis and levels seem to be weakening over time. The MACD (Moving Average Convergence Divergence) technical model also shows that Ethereum is not out of the woods yet. The blue MACD line is currently below the signal line, indicating an unfavorable price movement. It is expected that as the divergence between the blue MACD line and the signal line increases, the bearish narrative will become more virulent.
Meanwhile, Ether was up 2% from the day’s opening price of $2,092. Ethereum is trading around the $2,152 region and is currently experiencing an increase in overall pressure and selling pressure due to its 100 simple moving averages, which currently stand at $2,205. With the increased selling pressure, a price drop to the $2,000 mark seems inevitable.
If this happens, 200 simple moves will likely give Ethereum the most needed support. If prices continue to fall from this area, the decline could continue to the next support line in the $1,810 area.
Supplement
It is worth noting that if Ethereum manages to hold support above the $2,000 level, the crypto asset is likely to recover and experience a significant price increase. A jump in the price above the 50% simple moving average should open the door for massive buying, as holders expect the price to jump to the $2500 level.
On the other hand, Ethereum seems to be on the right track as it recently posted a market capitalization of over 281 billion. This is a significant improvement over bitcoin. Ethereum seems to have stagnated its credibility in the crypto-currency world.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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