Ethereum Price Analysis: ETH snaps four-day uptrend but sellers fear entry above $983

  • ETH/USD extends pullback from $1,123 amid overbought RSI.
  • Lower high formation also directs bears toward 5-day SMA, February 2018 top.

ETH/USD marks its first intraday losses in four while declining to $1,080 during early Wednesday. The ethereum buyers seem to have lacked upside momentum following their run-up to the highest since late January 2018 during Monday. Since then, the quote has been marking a lower high formation amid overbought RSI, which in turn favor sellers.

However, 5-day SMA and February 2018 top, respectively near $995 and $983, will follow the $1,000 threshold to challenge the bears’ entry.

In a case where the ETH/USD drops below $983, March 2018 peak surrounding $890 could return to the charts ahead direction the quote towards the previous resistance line stretched from September 2020, near $695.

Meanwhile, the recent top close to $1,170 guards the pair’s immediate upside before recalling the ETH/USD bulls.

Following that, January 28, 2018 high near $1,225 and the year 2018 top close to $1,420 will be in the spotlight.

ETH/USD daily chart

Trend: Pullback expected

Additional important levels

Today last price 1083.58
Today Daily Change -20.15
Today Daily Change % -1.83%
Today daily open 1103.73
Daily SMA20 728.49
Daily SMA50 630.95
Daily SMA100 512.88
Daily SMA200 421.54
Previous Daily High 1136.93
Previous Daily Low 975
Previous Weekly High 759
Previous Weekly Low 625.01
Previous Monthly High 759
Previous Monthly Low 530.32
Daily Fibonacci 38.2% 1075.07
Daily Fibonacci 61.8% 1036.86
Daily Pivot Point S1 1006.84
Daily Pivot Point S2 909.96
Daily Pivot Point S3 844.91
Daily Pivot Point R1 1168.77
Daily Pivot Point R2 1233.82
Daily Pivot Point R3 1330.7



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Polkadot price to return to $40 if near-term support holds

Polkadot price has substantially recovered since hitting a low of $23.95. A return above the $30 level gives buyers and long-term hodlers significant psychological support that Polkadot may, again, move higher. Polkadot price faces near-term ...

More Polkadot news

VeChain recovery to $0.13 is crucial to reignite VET bull market

VeChain price has recovered roughly 40% of the losses it has had since the flash crash this past Saturday. A strong recovery looked very likely, but recent price action has shown there is a struggle to move higher and that bulls may be losing faith.

More VeChain news

These cryptos could post triple-digit gains by the end of the year

As Bitcoin struggles to recover from the drop on December 4, altcoins continue posting double-digit gains overnight. Based on their price trend, Terra, MATIC and Chainlink could post triple-digit gains before the end of the ongoing bull run. 

More Bitcoin news

Top 3 Price Prediction: Crypto market dazed post flash crash

Ethereum price had a spectacular Saturday close on the daily chart, closing above the dominant interior trend line (black diagonal line). Then, on Sunday and Monday, Ethereum continues to press on higher with closes above the Tenkan-Sen and ...

More Ethereum news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis