Chart of important price levels for Ethereum (ETH)
Since this morning, the bitcoin price has fallen and the altcoins immediately noticed similar movements in their price charts. At the time of writing, the price of Bitcoin is below $50,000 (specifically $49110). In the case of Ethereum (ETH), it is also down around 4% in the last 24 hours and has been available at just under $3,900.
For Ethereum to come back with better prospects, its price must again be above the $4,010 line, where the aforementioned price level has served as a strong support in the past.
ETH price chart
ETH/USD four hour chart
Ethereum formed a bearish wedge as the coin marked a small bullish leg. However, at the time of writing, Ethereum has simply broken the low of $4,010 and its price is at $3,920 at the time of writing.
A dip below this level is likely to bring Ethereum trading close to $3,855. In recent weeks, Ethereum price has stabilized around the $4,000 support level. Hence, for ETH to break this bearish theory, you will need to trade above the above mentioned level.
There was also a sharp drop in the RSI when buyers exited the market. The indicator was close to the oversold territory. While the MACD saw a bearish crossover and showed red histograms. On the four-hour chart, ETH is below the 20-SMA line, indicating that selling pressure was dominating the market.
We will have to be very aware of what Ethereum is doing, but also what Bitcoin is doing, because if BTC drops, it will likely pull other cryptocurrencies, including Ethereum.
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