Ethereum Price Prediction: ETH/USD Dumps $2000 Level Again

Ethereum Price Prediction
Ethereum Price Prediction

Ethereum Price Prediction – July 18

The Ethereum (ETH) loses 0.08% at the time of writing as the second-best crypto goes below the $2000 level once again.

ETH/USD Market

Key Levels:

Resistance levels: $2400, $2600, $2800

Support levels: $1500, $1300, $1100

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD breaks below $2000 after an unsuccessful attempt to settle above the $1994 handle during early Asian hours. At the time of writing, the Ethereum price is hovering at $1898, down 0.08% after touching the daily high of $1994.40. For the past few days, bears have so far been keeping the market price below the 9-day and 21-day moving averages, hoping to create a new low for the market.

Ethereum Price Prediction: What Could Be the Next Direction for Ethereum?

According to the daily chart, the Ethereum price may stay longer on the negative side as the 9-day MA crosses below 21-day MA once again. On other hand, a bullish break above the upper boundary of the channel could most likely give ETH/USD a boost towards the important resistance at $2400, $2600, and $2800 levels. Meanwhile, on the downside, the technical indicator Relative Strength Index (14) has a bearish feel as the signal line moves around 40-level.

Therefore, if the Ethereum price moves toward the lower boundary of the channel, it could revisit $1700 support. Besides, the market price may move upward if the 9-day moving average crosses above the 21-day moving average. Meanwhile, the critical support levels remain at $1500, $1300, and $1100 which are before the lower boundary of the channel.

Against Bitcoin, the Ethereum price is clearly following a bearish movement. Meanwhile, as the price falls, sellers could be posing an additional threat for buyers to bring the price down to the support level of 5600 SAT where the nearest target is located. However, an eventual break below this level may cause Ethereum to collapse more.

ETHBTC – Daily Chart

Meanwhile, the continuation of the downtrend could hit the main support at 5400 SAT and below but a bullish trend may likely push the market to the potential resistance at 6600 SAT and above if a rebound plays out. The technical indicator Relative Strength Index (14) confirms the sideways movement as the signal line stays within the 43-level.

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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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