Ethereum’s price has been in a clear downtrend since the local high above $3,600, forming a consistent pattern of lower highs and lower lows. The price is now finding solidity under the major support below $2,000, which could see more votes in the short term.
Analysis Seen On the daily chart, it is clear that the price has been rapidly declining over the past few months, but has not slowed down. The 200-day moving average is around $3,000, which was also lost in February. The bearish momentum has been confirmed by the failed attempts to recover. However, the RSI is in oversold territory, which suggests a potential short-term relief rally. Meanwhile, if ETH fails to surpass the $2,000 area, the next strong support lies in the $1,600 area.
4-Hour Chart
Looking at the 4-hour timeframe, ETH has been trading within a falling wedge pattern (marked in yellow), which is usually a bullish reversal signal if confirmed and broken out on the upside. Recently, the price of the cryptocurrency fell below the major $1,900 support and tested the $1,800 demand zone, where buyers stepped in to prevent further declines. Now, the price is attempting to reclaim the $1,900 area, indicating a potential recovery.
Moreover, the RSI on the 4H timeframe shows an oversold bounce, which suggests that the bearish momentum may be fading. If ETH manages to retrace above $1,900, it could see a short-term push towards the $2,100 resistance zone. However, if this recovery fails, another decline towards the $1,600 support level is likely.
ETHUSDT ETHUSD ETHUSD ETHUSD
Analysis Seen On the daily chart, it is clear that the price has been rapidly declining over the past few months, but has not slowed down. The 200-day moving average is around $3,000, which was also lost in February. The bearish momentum has been confirmed by the failed attempts to recover. However, the RSI is in oversold territory, which suggests a potential short-term relief rally. Meanwhile, if ETH fails to surpass the $2,000 area, the next strong support lies in the $1,600 area.
4-Hour Chart
Looking at the 4-hour timeframe, ETH has been trading within a falling wedge pattern (marked in yellow), which is usually a bullish reversal signal if confirmed and broken out on the upside. Recently, the price of the cryptocurrency fell below the major $1,900 support and tested the $1,800 demand zone, where buyers stepped in to prevent further declines. Now, the price is attempting to reclaim the $1,900 area, indicating a potential recovery.
Moreover, the RSI on the 4H timeframe shows an oversold bounce, which suggests that the bearish momentum may be fading. If ETH manages to retrace above $1,900, it could see a short-term push towards the $2,100 resistance zone. However, if this recovery fails, another decline towards the $1,600 support level is likely.
ETHUSDT ETHUSD ETHUSD ETHUSD 
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This account has been restricted from publishing. Traders who continue to follow my signals and make profits can click 👉 to leave me a message. Telegram: t.me/BeckLedley
Channel: t.me/FcCygjylf
Channel entrance:t.me/FcCygjylf
Channel: t.me/FcCygjylf
Channel entrance:t.me/FcCygjylf
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.