• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Ethereum
Nexo Logo

Ethereum Below $2000; Do We See A Relief Rally Soon?

anushsamal by anushsamal
1 month ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Ethereum has bled heavily owing to the aftermath of the crypto crash. Prices of other altcoins followed suit as Bitcoin hangs below the $30,000 price mark. Ethereum’s current price has hit a new low in 2022.

The altcoin had tried to pull off a brief recovery a week back but the broader market weakness finally crept in and caused it to dip further.

At the time of writing, ETH is seen below its major support line of $2500. Selling pressure had accelerated as the increased fear index drove investors out of the market.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

From the technical outlook, Ethereum is set to dip further and then could stage a recovery above $2500. Ethereum’s long entry point could be at $2500, with a stop loss at $2400 and profit between the $3000 to $3100 price level, respectively.

Ethereum Price Analysis: One Day Chart

Ethereum
Ethereum was priced at $1907 on the one day chart | Source: ETHUSD on TradingView

Ethereum’s price were given support at the $2500 level for 43 weeks before they fell below the same. At press time, ETH was trading at $1907. The coin had last touched this price level in August 2021.

A move below the $1900 level could be expected and ETH might find temporary support at the $1700 area before it makes a bounce back. The altcoin displayed a long descending line (yellow), and at press time, ETH broke below the descending line.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Chances of price rebounding cannot be ruled out as the coin is heavily discounted. For ETH to have a successful price rebound, it has to reclaim $2500 and then $3000. Over the last 28 hours, ETH lost 8.8% of its market value and in the past week, the coin depreciated by over 30%.

Technical Analysis

Ethereum
Ethereum displayed oversold conditions on the one day chart | Source: ETHUSD on TradingView

ETH’s price was seen below the 20-SMA which made investors stay away from buying the coin. A reading below the 20-SMA meant sellers were driving the price momentum in the market. Bulls have tired out as ETH dipped below its crucial support of $2500.

The Relative Strength Index was nearing the 20-mark which is considered heavily bullish as it marks an intense sell-off in the market. The RSI last hovered around this range in January, which points toward a multi-month low for the indicator.

Related Reading | TA: Ethereum Dives 15%, Why Close Below $2K Is The Key

Ethereum
Ethereum displayed strong bearishness on the one day chart | Source: ETHUSD on TradingView

Moving Average Convergence Divergence indicated bearish signal on the chart. MACD underwent a bearish crossover because it displayed growing red signal bars highlighting a negative price action for the coin. On the flipside, a resurgence of buyers can help push prices up briefly.

Chaikin Money Flow indicates capital outflow and inflows. The indicator was below the halfline and that meant capital outflows were greater than inflows at press time. Capital inflows have been negatively affected because buyers have left the market.

Related Reading | TA: Ethereum Nears Breakout Zone, Why ETH Might Start Recovery

Featured image from Unsplash, chart from TradingView.com
Tags: ethereumprice analysis
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Bitcoin

Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

2 hours ago
STORJ

Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally

11 hours ago
Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

12 hours ago
bitcoin

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

22 hours ago
Solana SOL SOLUSDT

Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week

23 hours ago
Bitcoin Whale

Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Will Xchange Monster (MXCH) and Decentraland (MANA) continue to push Gamefi to new heights?

June 25, 2022

Navigating The Crypto Crash Of 2022

June 25, 2022

Gnox (GNOX) Is Named One Of The Best Tokens For New Investors Making Their Way To DeFi, In Addition To Tron (TRX)

June 25, 2022

Gnox (GNOX) Sees Dramatic 63% Price Increase During Presale While Other Top Alts; Ethereum (ETH), Shiba Inu (SHIB) And Cardano (ADA) Signal Bullish Reversal

June 25, 2022

SpaceMine (MINE) Is Now Available for Trading on LBank Exchange

June 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.