Ethereum overtook major cryptocurrencies this week to post incredible earnings of $ 2,600.
Ethereum had a busy week, starting with the drop to $ 2,000, before a majestic rise to new highs of around $ 2,600. The leading altcoin has recovered despite the lethargic price movement of Bitcoin in the middle of this week. Other selected altcoins, such as Litecoin and Uniswap, also made considerable gains, silently suggesting that the altcoin season set the pace.
However, the entire cryptocurrency market is currently in ruins after Bitcoin’s massive drop from $ 56,000 to levels below $ 50,000. Ethereum has been purged from the newly reached levels of $ 2,600 to the $ 2,000 mark.
At the time of this writing, Ether was hovering around $ 2,225 amid an ever-increasing bear grip.
Four-hour ETH / USD chart
The Moving Average Convergence Divergence (MACD) indicator reveals that sellers are in charge. For example, the MACD line (blue) has recently crossed under the signal line, emphasizing the ongoing collapse.
The Relative Strength Index (RSI) on the four-hour chart affirms the solid bearish influence. Otherwise, formidable support has yet to be established and lower price levels are likely to be explored.
Losing ground in the simple moving average 200 (SMA) would hurt bulls even more. The $ 2,000 support doesn’t seem strong enough to keep Ethereum from falling further. The formidable support is highlighted at $ 1,800, but if the situation is difficult, Ether will drop to $ 1,600.
Intraday levels of ethereum
Price: $ 2,225
Support: $ 2,200 and $ 2,000
Resistance: 100 SMA and $ 2,400