Ethereum fell another 11% to reach the $ 1550 level and continued to drop today along with the general market. ETH also struggles against Bitcoin.
Yesterday, Ethereum dropped to $ 1550, but by the end of the day it quickly recovered to close the daily candle just under $ 1800. Today, the market fell again and dropped another 10% to reach the current $ 1550 level.
Ethereum dropped further earlier in the day and touched $ 1358 before returning to its current price. Support here was provided by the lowest seen on February 2, 2021 and is further strengthened by an ascending trend line.
If ETH closes near these levels today, it will have fallen from the ascending price channel it is trading for the entire 2021.
Looking ahead, if bearish movement continues, the initial support is at $ 1465 (.382 Fib and 50-day MA). This is followed by 1425, 1358 (today’s low) and $ 1291 (.5 Fib). Additional support is located at $ 1250 (lower 1.618 Fib) and $ 1173 (100-day EMA).
On the other hand, the initial resistance is at $ 1600. This is followed by $ 1681 (previous channel support – current resistance), $ 1700, $ 1765 and $ 1800.
The daily RSI has experienced a spike in the past few days as it dropped from bullish to the extreme bearish zone. This drop has not happened in a while and we have to go back to September to see a similar level. This is very promising as it gives the momentum an opportunity to reset after being parabolic for a long time.
- Key Support Levels: $ 1465, 1425 and $ 1358
- Key Resistance Levels: $ 1600, 1681 and $ 1700