Ethereum Price Forecast: ETH Recovery To $2,400 An Uphill Battle As Barriers Stiffen
Ethereum price lost significant ground from the weekly high of $2,400. Several support areas failed to come to the bulls’ rescue, allowing Ether to test $2,000. This crucial support had been reinforced by the 100 Simple Moving Average (SMA), as shown on the four-hour chart.
The pioneer altcoin is exchanging hands at $2,120 amid a gradually renews recovery. However, the technical picture shows that this recovery is bound to encounter many hurdles along the way.
Ethereum price recovery in grave danger
The Moving Average Convergence Divergence (MACD) adds credence to the bearish outlook as observed on Ether’s chart. This trend-following tool also calculates the momentum of the asset.
As the exponential moving averages crisscross, bearish or bullish signals are sent out to allow investors to buy and sell Ether. At the moment, Ethereum is mainly in the bears’ hands. The call to sell Ether occurred when the 26-day EMA crossed below the 26-day EMA. Moreover, the bearish outlook was armored by the MACD line cross into the negative region.
ETH/USD four-hour chart
The In/Out of the Money Around Price (IOMAP) model cements the profound presence of sellers in the market, especially in the range between $2,182 to $2,243. Here, around 509,000 addresses previously bought 9 million ETH. Trading above this zone is vital for sustaining the uptrend to $2,400. However, it would be a challenge for bulls to crack through easily.
Ethereum IOMAP chart
On the downside, Ether faces relatively weaker support areas, implying that the downtrend is not entirely done yet. However, the IOMAP model reveals s subtle buyer congestion zone between $1,864 and $1,926. Here, roughly 363,000 addresses previously bundled up approximately 1.84 million ETH.
Ethereum price intraday levels
Spot rate: $2,108
Support: $2,000 and $1,800
Resistance: $2,200 and $2,400Source