דער פּרייַז פון עטהערעום (ETH) has struggled against Tether (USDT) in the past few days, with more downtrend than the bullish sentiment seen in recent weeks.
Despite outperforming Bitcoin (BTC) in recent weeks, the price of Ethereum has found itself in key zones that would decide its major move.
עטהערעום (ETH) פּרייַז אַנאַליסיס אויף די וואכנשריפט טשאַרט
From the chart, the price of ETH saw a weekly low of $1,020, which bounced from that area and rallied to a price of $2,000 after showing great recovery signs in recent weeks.
ETH weekly candle closed with a bullish sentiment, with the new week’s candle looking bearish for the price of ETH as it continued to decline in price to a region of $1,800 after facing rejection from the $2,020 mark.
דער פּרייַז האט סטראַגאַלד צו בויען מער מאָמענטום ווי עס פרוווט צו האַלטן שליסל שטיצן.
If the price of ETH on the weekly chart continues with this structure, it could quickly revisit $1,700, acting as a support for the price of ETH.
וויקלי קעגנשטעל פֿאַר די פּרייַז פון ETH - $ 2,020.
וויקלי שטיצן פֿאַר די פּרייַז פון ETH - $ 1,700.
Price Of Ethereum On The Daily (1D) Chart
The price of ETH found strong support at $1,770 above a trendline after successfully forming a bullish structure, the support at $1,770 seems to be an area of interest on the daily chart.
ETH bounced from its support and rallied to $1,770, where it was faced with resistance and was rejected from that region.
The price of ETH rose to form a rising wedge before rejection from the resistance of $2,020. ETH price was rejected from that region, breaking out of the rising wedge to the downside.
At the time of writing, the price of ETH is at $1,700, just above the 50 Exponential Moving Average (EMA) which corresponds to $1,660.
ETH דאַרף האַלטן העכער דעם שטיצן שטח וואָס קאָראַספּאַנדז מיט די 50 EMA, אַ ברעכן אונטער דעם געגנט קען שיקן די פּרייַז פון ETH צו $ 1,400.
The Relative Strength Index (RSI) for the price of ETH on the daily chart is below 50, indicating more sell bids.
טעגלעך (1 ד) קעגנשטעל פֿאַר ETH פּרייַז - $ 2,020.
Daily (1D) support for ETH price – $1,700, $1,660 .
פּרייַז אַנאַליסיס פון ETH אויף די פיר-אַורלי (4 ה) טשאַרט
The price of ETH failed to sustain its bullish structure above the 50 EMA price corresponding to $1,850 after breaking below it.
On the 4H timeframe, the 200 EMA is acting as key support for the price of ETH.
If ETH fails to hold the support region at 200 EMA, which corresponds to $1,700, we could see the price retesting the region of $1,600 as the next support area to hold the ETH price.
פיר-אַורלי (4 ה) קעגנשטעל פֿאַר ETH פּרייַז - $ 2,020.
פיר-אַורלי (4 ה) שטיצן פֿאַר ETH פּרייַז - $ 1,700, $ 1,600.
Featured Image From Ethereum World, Charts from TradingView.com
Source: https://www.newsbtc.com/analysis/ta-price-of-ethereum-struggles-to-hold-1700-are-bears-taking-over/