Ethereum (ETH) price has been struggling against Tether (USDT) over the past few days, with more downsides than the bullish sentiment seen in recent weeks.
Despite outperforming Bitcoin (BTC) in recent weeks, the price of Ethereum has found itself in key areas that will decide its major move.
Price Analysis on Ethereum (ETH) Weekly Chart
From the charts, ETH price saw a weekly low of $1,020, which rebounded from that area and climbed higher towards the $2,000 price after showing a spectacular recovery signal in recent weeks.
The ETH weekly candle closed with a bullish sentiment, with the new week candle looking bearish for ETH price as it continued to decline in the $1,800 area after facing rejection from the $2,020 mark.
The price is struggling to build more momentum as it tries to hold key support.
If ETH price on the weekly charts continues with this structure, it may revisit $1,700, acting as a support for ETH price.
Weekly resistance for ETH price – $2,020.
Weekly support for ETH price – $1,700.
Ethereum price on daily (1D) chart
ETH price found strong support above the trendline at $1,770, after successfully forming a bullish structure, support at $1,770 appears to be an area of interest on the daily chart.
ETH bounced off its support and rose to $1,770, where it faced resistance and was rejected from that area.
ETH price advanced to form an ascending wedge before rejection from the $2,020 resistance. ETH price was rejected from that area, moving from an uptrend to a downside.
At the time of writing, ETH is trading at $1,700, just above the 50 exponential moving average (EMA) that corresponds to $1,660.
ETH needs to stay above this support area which corresponds to the 50 EMA, a break below this area could send the price of ETH towards $1,400.
The Relative Strength Index (RSI) for ETH price on the daily chart is below 50, indicating higher sell bids.
Daily (1D) resistance for ETH price – $2,020.
Daily (1D) support for ETH price – $1,700, $1,660.
ETH price analysis on 4-hour (4H) chart
ETH price failed to maintain its bullish structure above the 50 EMA price after breaking below it at $1,850.
On the 4H time frame, the 200 EMA is acting as a major support for ETH price.
If ETH fails to sustain the support area at the 200 EMA, which corresponds to $1,700, we could see the price retesting the $1,600 area as the next support area for ETH price to sustain. Huh.
Four-hour (4H) resistance for ETH price – $2,020.
Four-hour (4H) support for ETH price – $1,700, $1,600.
Featured Image From Ethereum World, Charts from TradingView.com