• 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.
The RSI indicator signals potential fake breakout and drop but offers little help on determining upcoming PA developments as it remains relatively neutral.