Ethereum (ETH) may likely approach a crucial support level of $1800 for the coin to touch the resistance level of $2500.
Ethereum Statistics Data:
- Ethereum price now – $1837
- Ethereum market cap – $224.1 billion
- Ethereum circulating supply – 122 million
- Ethereum total supply – 122 million
- Ethereum Coinmarketcap ranking – #2
ETH/USD Market
Key Levels:
Resistance levels: $3000, $3200, $3400
Support levels: $1000, $800, $600
Your capital is at risk
ETH/USD is hovering at $1837 following a 2.08% loss after touching the daily high at the $1957 resistance level. However, Ethereum (ETH) has not seen any major pullbacks yet and may use the 21-day moving average for support if it happens. More so, the most important signal for Ethereum is the break of $2000, which represented a major resistance level. Therefore, should in the case bulls cross above the upper boundary of the channel, they may confirm a new uptrend.
Will ETH Break $2000 as Tamadoge (TAMA) Keeps the Uptrend?
As the Ethereum (ETH) moves to cross below the 9-day moving average, the daily low at $1800 may give the buyers sleepless nights. A break below this support level could most likely give ETH/USD a fall towards the lower boundary of the channel to reach the critical supports at $1000, $800, and $600.
Furthermore, the Relative Strength Index (14) confirms the bearish movement as the signal line heads below the 60-level. However, until the market finds a stable level to reinforce the uptrend, ETH/USD can continue the downtrend. Otherwise, the resistance level might be at $2500 while other resistance levels are at $3000, $3200, and $3400 respectively.
Against the BTC, the Ethereum price is likely to cross below the 9-day and 21-day moving averages. However, as the price falls, sellers could pose an additional threat to buyers which could slump towards the lower boundary of the channel where the nearest target is located. However, an eventual break below the moving averages may cause the coin to collapse.
However, a continuation of the downtrend could touch the critical support at 0.070 BTC and below as the Relative Strength Index (14) moves below the 70-level. Meanwhile, if the price rebounds and crosses above the upper boundary of the channel, the buyers may resume back and push the market to the potential resistance at 0.090 BTC and above.
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Source: https://insidebitcoins.com/news/ethereum-eth-dips-below-1950-resistance-tamadoge-increases