{"id":498821,"date":"2022-08-15T22:45:41","date_gmt":"2022-08-15T22:45:41","guid":{"rendered":"https:\/\/wncen.com\/?p=498821"},"modified":"2022-08-15T20:10:29","modified_gmt":"2022-08-15T20:10:29","slug":"ethereum-rejects-2k-retest-of-1800-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-rejects-2k-retest-of-1800-imminent\/","title":{"rendered":"Ethereum Rejects $2k, Retest Of $1,800 Imminent"},"content":{"rendered":"
The current Ethereum price analysis is bearish due to multiple instances over the previous day of rejection for additional upward. As a result, we anticipate ETH\/USD to drop below $1,900 and then retest $1,800 as support.<\/p>\n
Since reaching a daily high of $2012, Ethereum has corrected by 6.6%. The price range between $1700 and $1800 is the crucial support level, and it is crucial for ETH to maintain above it to stop any further falls.<\/p>\n
Technically speaking, Ethereum is advancing inside a rising wedge (in yellow), which is a bearish trend. The trade volume on Binance is also declining concurrently. This implies that the number of buyers is gradually dropping.<\/p>\n
Assume that the bulls can prevent the pair from breaking below the important support in the $1,700\u2013$1,800 region (shown in green). In this instance, it is anticipated that after a temporary retreat, the rising trend will carry on with $2200 as the target. On the other hand, if the price drops below the indicated support, bears will have a chance to hit $1350-1280. (in light blue).<\/p>\n
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ETH\/USD 4-hour chart. Source: TradingView<\/a><\/pre>\nSince the beginning of August, when a significant higher high was recorded slightly below $1,600, the price of ethereum has been moving strongly in the direction of the bulls. After some consolidation, the ETH\/USD pair on Wednesday overcame previous resistance at $1,800.<\/p>\n
After that, positive momentum increased until it reached the $1,900 resistance, where it briefly stabilized once more. Retracement, however, did not occur because another upward spike led to the current swing high being made at $2,000.<\/p>\n
Yesterday, as the $2,000 barrier was momentarily surpassed before bearish momentum rapidly returned, the price of ethereum tried to rise even higher. Another lower local high was established overnight to today, leading to a breach below the $1,900 support over the last few hours and paving the door for much more decline.<\/p>\n