• Ethereum’s price rally has slowed down in recent weeks, with the ETH price yet unable to breach the $2,000 level.
• The daily chart reveals that ETH is forming higher highs and higher lows since rebounding from the 200-day moving average earlier in June.
• On the 4-hour chart, there has been a failed breakout attempt as ETH drops back below the $1,930 resistance level.
Ethereum Price Analysis
The Ethereum price rally has seen some slowdown in recent weeks. Despite attempts to break past the $2,000 mark, this key psychological barrier still remains unbroken. We take a look at the short-term technical analysis for ETH/USD.
Daily Chart Overview
On the daily timeframe, we can see that ETH has been forming higher highs and higher lows since rebounding from its 200-day moving average earlier in June. However, bullish momentum appears to be waning as ETH prices keep pulling back towards its 50-day moving average around the $1,900 mark. In case of a breakdown below this level, there are two close support levels available: one being static at around $1,800; and another being its 200-day moving average at around the same price mark. While current momentum may seem weak, it’s possible that a rebound from either of these levels could kickstart another rally upwards.
4 Hour Chart Overview
Taking a closer look at recent price action on the 4 hour chart reveals more details. We can see that ETH has broken above its $1,930 resistance level twice since early July but failed both times as it rapidly dropped back below that level again. Currently, it looks like ETH is targeting its short-term support level located at around $1,850 – with an additional alternative target being near $1,750 should this first support fail to hold up against further losses. The RSI indicator was previously signaling potential fake out and drop – though it currently appears to be offering little insight into where prices might head next due to neutral readings on both sides of 50%.
Key Support & Resistance Levels
The most important levels for Ethereum right now appear to be: Resistance – $1