It is not won yet for cryptocurrencies – The SEC (Securities and Exchange Commission) accepted Volatility Shares’ request for its Bitcoin ETF at the end of last week. However, it is not a revolution. For its part, the price of Ethereum did not continue its momentum this weekend, it is still evolving around $1,900. Can buyers show up at the start of the week?
Ethereum price drops more than 2% in 24 hours
Ethereum is currently unable to cross the psychological round number at $2,000. In fact, the price evolves around $1,900. Also, the course of Ethereum fall of more than 2% in 24 hours :
Within a week, the price still shows a 9% increase. In one month, the price remains in the green and shows a 2.6% increase. Faced with Bitcoin, Ethereum is struggling to express itself. The pair 4.8% drop in one week and close to 10% in one month.
>> 10% reduction on your trading fees? Sign up on Binance (commercial link) <<
Ethereum price needs to break resistance at $2,000
Ethereum is currently stuck under the resistance at $2,000. Buyers are going to have to push past this resistance in an attempt to get back to the level of the resistance at $2,400 :
The price remains for the moment in a trend with lows and descending highs. Indeed, since the close below $1,740the price marked a “ M top“. We need to reverse the trend to avoid a new wave of decline. THE institutional bias (EMA 9/EMA 18) is bullishit could act as dynamic support.
The RSI is in bearish momentum, here again, it will be necessary to find a dynamic with troughs and ascending peaks. For now, the RSI remains weak on a weekly basis.
Ethereum price remains stuck below $1,920 in the short term
While Bitcoin hit a new 2023 high late last week, Ethereum remains stuck 13% below its last high. The course marks a ranges between $1,850 and $1,920 :
If the price manages to break the resistance at $1,920he could quickly join the next resistance located at $2,000 (green arrow). On the other hand, if the price falls below the bracket at $1,850he could then join the next bracket at $1,770. We should continue to show ascending lows and highs.
The RSI blocked in overbought zoneit displays a bearish momentum in the very short term. You will also need to find a bullish momentum on the RSI for the buyers to regain control of the momentum.
Ethereum rebounds, but price fails to break above resistance at $2,000. In the short term, the price is in a range between $1,920 and $1,850. The beginning of the week should be to the advantage of buyers in order to continue on the momentum displayed at the end of last week. Can the price get back above $2,000 in the next few days?
Take advantage of the opportunities to buy low-cost cryptos that the market offers us! To not miss the opportunity of a lifetime, register quickly on the Binance platform. Save 10% on your trading fees by following this link! (commercial link)