- Ethereum price delivers another bearish week after a firm rejection at $2,695 on the upside.
- ETH price is possibly set to shed another 20% in its price value towards $2,000.
- Expect bulls to defend $2,000 at all cast and could set the scene for heavy battles between bears and bulls next week.
Ethereum (ETH) price looked set for a rebound, but the Fed forged that plan, and now ETH price action needs to correct further to attract investors back. Although the descent has been painful for plenty of bulls, there appears to be light at the end of the tunnel as A very thick band of support is set to kick in, together with a few technical fundamentals. Expect next week for ETH price to dip another leg lower, around 20%, towards $2,000, but then start an uptrend as bulls will jump on the historical level.
$2,000 in Ethereum price will be irresistible for investors to engage
Ethereum price has already shed roughly 50% after testing the all time highs back in december. Afterwards it seemed that the test was rather a bearish rejection and triggered a selloff that still looks to be lasting going into next week. Even this week bulls have tried to break the trend, but got rejected again on an upside resistance at $2,695. It proves the importance of having historical levels marked up and taking them into account in order not to fall in any bull or bear traps for that matter.
With that said, expect Ethereum price to move another leg lower in search of support. Next support lined up could be the right one with $2,000 as historical level and a bit below at $1,929, a relevant additional historic suport level. This area should create plenty of opportunities for bulls to get in long as the Relative Strength Index will be trading in oversold area by then and will see bears booking gains.
ETH/USD weekly chart
The patience of bulls maybe does not need to be tested that long as often a new week brings some renewed optimism as the dust gets a chance to settle during the weekend. This could see a quick U-turn on Monday with bulls storming out of the gates and pushing ETH price quickly against $2,695. With that move at the start of the week, the scene could be set towards $3,018, and by this, a death cross formation will be avoided as the 55-day Simple Moving Average is set to break below the 200-day Simple Moving Average next week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.