ETH/USD Slumps to $2000 Support; Holds Risk of Downside Breakout

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ETH Price Prediction – April 18

The price of Ethereum is seen moving below the key supports and it may continue to move down towards $1900 if it fails to stay above $2000.

ETH/USD Market

Key Levels:

Resistance levels: $2500, $2600, $2700

Support levels: $1800, $1700, $1600

ETHUSD – Daily Chart

As the market opens today, after touching the high of $2341 level, ETH/USD has been dropping with a bearish bias. The coin opened at $2319.11 and currently dropped below the 9-day and 21-day moving averages. Ethereum price did start a nasty decline a couple of days ago and broke many supports below $2500. The price could correct higher, but it is likely to face sellers below the lower boundary of the channel.

Where is ETH Price Going Next?

On the downside, there is a close below the $2200 level as the coin is seen trading below the 9-day moving average after a quick rebound from the $2000 Low. As a matter of fact, dropping further could open the doors for more losses and the price may tumble below the $2100 level. More so, should it spike below this barrier, the critical support levels of $1800, $1700, and $1600 may come into focus as the technical indicator RSI (14) nosedives below the 60-level.

Moreover, ETH/USD could either recover above $2000 or extend its decline. On the upside, the next major resistance is near the $2340 level. However, the price must climb above the $2500, $2600, and $2700 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.

Against Bitcoin, the daily chart shows that Ethereum’s price is trading well in a strong uptrend around 0.039 BTC. As soon as the price crosses above the channel, there is a possibility that additional benefits could be obtained in the long term and the next resistance key above 0.040 BTC is close to the 0.041 BTC level. If the price keeps rising, it could even break the 0.042 BTC and above in future sessions.

ETHBTC – Daily Chart

Meanwhile, if the bears regroup now, the 0.038 BTC and 0.036 BTC supports may play out before rolling to critical supports at 0.035 BTC and below. However, the daily outlook is still looking bullish as the RSI (14) is moving into the overbought region to enhance the bullish movement.

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