Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis

Ether is facing resistance from all-time-highs and could see lower support, initially around $1,561.

Mar 11, 2021, 12:18 PM

Updated Aug 19, 2021, 7:55 AM

Election 2024 coverage presented by

Ether (ETH), the second largest cryptocurrency by market cap, is up about 140% for the year to date, but the uptrend has slowed since January. The first level of support is around $1,561, defined by its 50-day volume weighted moving average.

The relative strength index (RSI) made a series of lower highs since January, diverging from ETH’s uptrend.
Initial support for ETH is around $1,561, with lower support around the $1,300 breakout zone.
Resistance remains around the $2,000 level, which set in February as fresh all-time-high for ETH.
ETH has trailed bitcoin (BTC) since the Chicago-based commodities exchange CME launched its new ether futures contract in early February.

Chart shows RSI divergence with ETH uptrend.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Damanick Dantes

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about