Ethereum falls below $ 2,000 because the bullish momentum subsides to Shanghai (ETH price analysis)

Ethereum falls below $ 2,000 because the bullish momentum subsides to Shanghai (ETH price analysis)

The price of Ethereum yesterday was clear after several weeks of the increase, which caused investors to question the validity of the recent positive mood and to ask themselves whether a declining continuation will follow soon.

technical analysis

from: Edris

the daily type:

on the daily chart, the price has constantly increased, with the exception of the last day on which the market broke up by almost 9 %. Interestingly, the price still has to achieve the resistance of $ 2200, but the psychological level of $ 2000 was well defended by the bears.

The RSI indicator also indicated a possible sweater or a trend reversal, with a clear overbought signal.

At the moment Ethereum could rely on the level of $ 1,800 and the sliding 50-day average, which tends as potential support around the same price brand. If the upward trend continues and the levels of $ 2000 and $ 2200 are finally broken up, a rally in the direction of the significant resistance zone of $ 3000 would be very likely.

Tradingview

The 4-hour diagram:

If you look at the 4-hour chart, it doesn't look much better for ETH because the course is broken below the large rising trading range. The small level of resistance from $ 1930 is holding the market at the moment, since the price tests the opened lower border of the canal again.

When the price climbed again inside the channel, an interest bully sequence can still be expected.

If the trend line rejects the price, a decline in the direction of at least the $ 1800 support area would be imminent. Although there are still several levels of support, the bulls could look forward to driving the ETH up and continuing the upward trend.

Tradingview

mood analysis

from: Shayan

Ethereum-Open-Interest

This diagram shows the metric of the stock market drainage (mean), which represents the average number of coins that are withdrawn per transaction of stock exchanges. Higher values ​​indicate that investors withdraw more coins per transaction, which indicates a decline in sales pressure.

The diagram shows a significant increase in metric at the time when the price of Ethereum scored and reached the critical price zone of $ 2.1,000. This increase implies a shift in the mood towards Hausse, since the investors Ethereum accumulate during its upward trend.

Cryptoquant

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