Bearish Ethereum [ETH] drops to $1800 support, will bulls defend it
In mid-April, ETH made a new high and climbed above $2100. After that, it retraced, but the $1800 support checked the drop. So far, the support has remained steady in the past two weeks and could continue if BTC doesn’t drop below $27k.
A BTC drop to $26k could set ETH to crack $1800 support and expose ETH to more sell-offs. Such a move could decelerate ETH to lower support levels at $1700 or $1500. Conversely, the $1800 support could come to the bulls’ rescue again if ETH sees aggressive demand at its current levels. Such a move could keep the local top intact. Upper resistance levels to consider lay at $2000 and $2100.In the meantime, RSI slid below the 50-mark, confirming elevated selling pressure. Similarly, OBV has also dipped since mid-April.ETH saw massive accumulation from mid-April, as shown by the rising supply outside of exchanges .
However, the supply on exchanges dropped significantly in May, while supply outside of exchanges edged higher – suggesting accumulation outpaced selling pressure since the beginning of May. Nevertheless, weighted sentiment remained eerily negative since the end of February. It only changed on 14 April after ETH crossed $2100 but slid back to negative.
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