• Ethereum’s price rally has slowed down in recent weeks.
• The price has yet to break above the $2,000 level.
• There are two close support levels available: the $1,800 static level and the 200-day moving average close to the same price mark.
Ethereum Price Analysis
Ethereum’s recent rally has slowed down as its price is yet to breach the $2,000 mark, leaving many market participants worried.
Daily Chart Overview
The daily chart shows that since rebounding from the 200-day moving average earlier in June, the ETH price has been forming higher highs and higher lows. However, there is a clear lack of bullish momentum as it keeps pulling back towards the 50-day moving average located around the $1,900 mark.
In case it breaks below this level, there are two close support levels available: the $1,800 static level and the 200-day moving average close to the same price mark. This could potentially initiate another rally higher.
4-Hour Chart Overview
Turning to a 4-hour chart shows that although ETH broke above the resistance at $1,930 a couple of times since July start, it failed both times and rapidly dropped back below this point.
Currently targeting for short-term support at $1,850 with an additional target of $1,750 should this fail to hold up.
RSI Indicator
The RSI indicator signals potential fake breakout and drop but offers little help on determining upcoming PA developments as it remains relatively neutral.
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