Ethereum’s price has been making corrections following the rally over the last few months. However, there are plenty of support levels that could hold the price in the short term.
By: Edris
Looking at the daily timeframe, the price has been on the decline over a period of several weeks after failing to reach the $2200 resistance level. The 50-day moving average is currently holding the market around the $1900 level, with $1800 also providing support.
In case the price rebounds from this area, a rapid rise toward the $2200 level could be expected. On the other hand, a breakdown would result in a further correction towards the 200-day moving average, trending around the $1600 mark. The RSI continues to oscillate around the 50% threshold recently.
On the 4-hour chart, the price seems to be attempting to escape the range between the $1800 and $1900 levels. The $1900 resistance is currently being tested once more, and a bullish breakout would pave the way for a surge toward values above $2000.
However, another rejection could initiate a bearish move toward the $1800 support level and potentially even lower. The RSI indicator is trending above the 50% mark in this timeframe, indicating that the bulls are in control and a bullish breakout is more probable.
