Ethereum’s price has once again failed to break above the psychological resistance level of $2,000. While the PA has been bearish over the past few days, there is hope that the market might rebound soon.

Technical Analysis

By: Edris

The Daily Chart:

On the daily timeframe, the price has been dropping since getting rejected around the key $2,000 level. The 50-day moving average is providing support near $1,850 at the moment.

However, if it breaks down, the 200-day moving average located around the $1,800 level can be counted as the next strong support zone. On the other hand, if the price rebounds from either of these levels, a rally toward $2,300 would be highly probable in the coming weeks.

The 4-Hour Chart:

Looking at the 4-hour chart, the price is getting supported at the $1,850 level, following a bearish reversal from the $1,930 resistance zone. While the market is rebounding, there is still a high probability of the breakdown of the $1,850 level in the short term.

In this scenario, a further decline toward $1,750 could be expected. The RSI indicator also demonstrates values below 50%, pointing to the current bearish momentum. Therefore, another bearish move is likely on the horizon before a rally toward the $2,000 mark or higher may be expected.

Sentiment Analysis

By: Edris

Ethereum’s price is currently consolidating around the $2,000 level without showing any intention to rally higher.

One of the most valuable metrics in evaluating the futures market sentiment is the taker buy-sell ratio, which shows whether the buyers or the sellers are executing their trades more aggressively. Values above 1 indicate bullish sentiment, while values below one are associated with a bearish sen