Ethereum’s Fate Lies on a Hanger After Rejection at the $2,000 Level

Ethereum recovered from the earlier slump through a constant price rally the earlier week. However, the past few days’ price decline has worried investors and analysts. Many were expecting Ethereum to break the $2,000 mark, but that wasn’t the case. Several reports suggest that the coin’s price might retrace to $1,700. Newsbtc reports that the Ethereum price has shown a 2% decrease over the past 24 hours; the price must surpass the $1,900 mark to reclaim the bullish trend. The present market scenario is bearish as the coin enters the consolidation phase. 

Ethereum’s four-hour chart

Ethereum was trading at $1,880 after rejection at $2,000 more than once. The resistance level lies at the $1,900 mark at present. A prison break above the $1,900 level will propel ETH close to the $2,000 mark. The local support lies at $1,700, and the downward break from this point might push the price to $1,500. Ethereum experienced an increase in sales as investors felt the market heat. The future trend of the coin is highly unpredictable, and the next couple of days might indicate the price scenario for the month. 

Technical Indicators 

The Relative Strength remained below the half-line, indicative of fewer buyers in the market. Ethereum holders have started selling the coins due to potential price decline. The scarcity of buyers might decrease the price to $1,745, thus increasing the coin’s demand. Newsbtc reports that the Ethereum price was above the 20-day SMA line. The present graph shows buyers in the driver’s seats. The increase in selling number might force the coin to enter the bearish phase. Reports indicate a bearish pattern in the Moving Average Convergence Divergence (MACD). The indicators denoted a further decrease in Ethereum’s prices and bears’ upper hand against the bulls.