Ethereum, currently struggling to maintain the $ 2,000 support area, has dropped 40% and over 55% last week since its historic peak. Against Bitcoin, ETH also dropped below the critical 0.06 BTC support.
ETH / USD: Is Ethereum Losing $ 2K Support?
Key Support Levels: $ 1,888, $ 1,800, $ 1.625.
Key Resistance Levels: $ 2,000, $ 2,275, $ 2,400, $ 2,800.
ETH has fallen steeply 55% in the past eleven days, the day ETH saw an all-time high of around $ 4,400, Cryptocurrency was seen to drop below $ 2,000 earlier today. The cryptocurrency fell heavily on Wednesday as it dropped from $ 3,400 to $ 2,036 during the cryptocurrency market crash, according to Bitstamp.
Despite the massive drop, ETH recovered heavily from $ 2,036 at the end of the day to close Wednesday’s candle at $ 2,444 (.786 Fib) and even higher (at $ 2,800) for a retest of the 50-day moving average line (MA). just below) continued.
But after failing to hold on here, ETH fell below $ 2,400 yesterday and continued below the 100-day moving averages (MA) and $ 2,000 to its current low of $ 1,888 (April opening price).
ETH-USD Short Term Price Prediction
Looking ahead, the first major support lies at $ 1,888 (April opening price and today’s low). This is followed by $ 1,800. The way down to $ 1,625 (downward 1.272 Fib Extension & 200-day MA) should be fast. Even further down is around $ 1,425, the all-time high in the previous January 2018, which is the highest in January 2021.
On the other hand, the initial resistance is currently at the $ 2,000 level being tested as resistance. This is followed by a 100-day MA (currently around $ 2,275), $ 2,400, $ 2,570 (bearish .236 Fib) and $ 2,800 (50-day MA).
The RSI could be bearish as it falls under oversold conditions. There is still room to continue before it eats extreme sales, suggesting that before any potential recovery, there may be some further dips. However, just like Bitcoin, if there is a bounce, there is a lot of bullish space to the upside.
ETH / BTC: Bears Break 0.06 BTC Support
Key Support Levels: 0.0585 BTC, 0.0541 BTC, 0.0528 BTC.
Key Resistance Levels: 0.06 BTC, 0.0641 BTC, 0.0676 BTC.
ETH / BTC found support at 0.0607 BTC (.618 Fib) during Wednesday’s price drop. The bulls managed to close the daily candle above 0.067 BTC, but failed to stay at this support point and dropped to 0.065 BTC on Friday.
While ETH has dropped below 0.065 BTC this weekend and is falling below 0.06 BTC today, the Bitcoin dominance rate continues to grow.
Earlier today, ETH traded as high as 0.0567 BTC and is currently trading around the 0.0585 BTC mark with a longer term retracement at the .5 Fib.
ETH-BTC Short Term Price Prediction
Looking ahead, if the bears drop below 0.0585 BTC (0.5 Fib), the initial support lies at 0.0541 BTC (April 2019 low). This is followed by 0.0528 BTC (0.618 Fib and 50-day MA), 0.05 BTC and 0.0448 BTC (0.786 Fib).
On the other hand, initial resistance is currently at 0.06 BTC. This is followed by 0.0641 BTC (drop 0.236 Fib), 0.0676 BTC (drop 0.382 Fib) and 0.0704 BTC (drop 0.5 Fib).
Similarly, the RSI is in the bearish zone but still there is room to go further down before the sellers are exhausted. This indicates that ETH / BTC could drop further before any potential recovery begins.