- Ethereum price jumped to a key FIB level.
- There was a deadly intersection of two significant gas moving averages.
- The refutation of the bearish thesis is the closing of the candle above $1,560.
Ethereum price loses support and resumes bearish momentum
Ethereum Price Justifies Concerns
The price of Ethereum is giving more and more bearish signals as the weekend progresses. Since Friday, September 10, the bears have faked a 22% drop. The decline comes at an interesting time, as market sentiment was fairly bullish amid speculation that the merger would deliver fruitful profits.
The price of Ethereum is currently being auctioned at $1,384. The 8-day exponential and the 21-day simple moving average produced the classic death cross that was mentioned in the previous thesis as an important “out of the way” signal.
ETH USDT 2-day chart
The Fibonacci projection tool from the $2,030 projected high on the recent pullback from around $1,800 suggests the bears have broken through the 61.8% FIB level. Based on Elliott Waves and Fibonacci theory, Ethereum traders can stay away until the 100% FIb level is marked at $1250. The 1250 level has additional confluence as the 200 week shift oscillates in the same territory.
A rebuttal to the bearish thesis could come if the bulls are able to break through both moving averages at $1,560. This could lead to a counter-trend rally towards $2,000. This price action will result in a 46% increase from the current price of Ethereum.
In the next video, our analysts delve deeper into Ethereum’s price action by analyzing key levels of market interest. -Team Netcost-Safety