Ethereum’s Price Rejected at $2,000 Level: Technical Analysis
Ethereum’s price has once again failed to break above the psychological resistance level of $2,000. While the PA has been bearish over the past few days, there is hope that the market might rebound soon.
The Daily Chart:
On the daily timeframe, the price has been dropping since getting rejected around the key $2,000 level. The 50-day moving average is providing support near $1,850 at the moment.
Key points:
- The price has been dropping after being rejected at the $2,000 level
- The 50-day moving average is providing support near $1,850
- If the price breaks down, the next strong support zone is around $1,800 (200-day moving average)
- A rebound from either of these levels could lead to a rally toward $2,300 in the coming weeks
In conclusion, Ethereum’s price has faced resistance at the $2,000 level and has been dropping. However, there is hope for a rebound if the price finds support near $1,850 or $1,800. A potential rally toward $2,300 may be possible in the coming weeks.
Hot Take:
It is important for crypto readers to keep an eye on the support levels mentioned in the analysis. The market sentiment can change quickly, and a rebound may be just around the corner.
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