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- Ethereum Price Outlook: Ethereum recovers to $2000, but the downtrend remains
Ethereum network experienced liquidations worth $70 million over the past 24 hours, with the most notable being long positions totaling $58 million as of this report, according to CoinGlass data. Since the beginning of the week, total liquidations have reached $456 million.
On the weekly chart, the ETH/USDT pair is trading at $2055. The price remains below the 20-week exponential moving average (EMA) at $2999, and the moving average is trending downward, limiting any rebounds. The continued gap below this indicator confirms the bearish trend. To ease downward pressure, a weekly close above the EMA is required.
Daily Chart of ETH/USDT Pair
The RSI remains at 33, below the midline of 50, leaning toward oversold territory, indicating continued bearish momentum. The Stochastic (Stoch) indicator is at 16, in oversold territory, which may suggest a temporary pause in the decline, but this has not been confirmed yet. Immediate resistance levels are at $2107, followed by $2388. Support levels are at $1741, then at $1524.