Ethereum bears have regained momentum after rejecting $2,400 to $2,300 price area. Ethereum dropped below $2,000 significant support level. How low the price can go in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
July 14, 2021, | AtoZ Markets – Ethereum price declined today morning during the Asian session against the U.S. Dollar. After bouncing from $2,000 to $2,100 support level, the bulls pushed the price higher impulsively and reached $2,300 to $2,400 price area. However, the bulls failed to sustain the bullish pressure over $2,300 to $2,400 resistance area and broke below $2,100 to $2,000 price area again. ETH is currently trading around $1,895 price area and trying to push lower. As per the current price action, the price may face strong support around $1,800 to $1,700 price area in the days ahead.
Ethereum Dropped Below as the Bears Are Still Optimistic
Ethereum is currently residing near $1,895 price area and trying to decline further. However, the price also broke below the dynamic level of 20 EMA on the daily chart.
Image: ETH 4 Hour Chart
According to the 4-hour chart, Ethereum dropped below and currently trading around $1,895 price area. As per the current price action, if the price can have an impulsive bearish candle close below the last candle’s low, the bears may push the price downside towards $1,800 to $1,700 price area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance to push the price down in the process. Along with this, the MACD lines are currently residing below the 0.00 level and gradually sloping downside. It indicates that the bears are still residing on the market and may continue further lower in the days ahead.
ETH May Continue Further Lower
According to the daily chart, Ethereum dropped below as the bears are still residing on the market. As per the current scenario, the price may decline further towards $1,800 to $1,700 price area. So, if the price can break below $1,800 to $1,700 price area with an impulsive bearish candle, the bears may sustain the bearish bias towards $1,500 to $1,700 price area in the coming days. On the contrary, if the price bounced upside from $1,700 to $1,800 price area with an impulsive bullish candle, the bulls may regain momentum and push the price upward towards $2,000 to $2,100 price area in the days ahead.
Image: ETH Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing over the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, after an extended period of volatility, the bears have regained momentum successfully. As the overall bias is still bearish, there is a high chance that ETH may continue further lower in the coming days.