Ethereum: the only support before $2000

Ethereum can still be considered bullish on higher time frames as weekly as it soars above EMA 50 on a weekly chart.

Ethereum price today is $3,117.35 USD with a 24-hour trading volume of $13,090,019,846 USD. Ethereum is down 4.49% in the last 24 hours, with a market cap of $371,623,225,755 USD. It has a circulating supply of 119,211,367 ETH coins.   

Ethereum: Analysis

EMA 50 is acting here as native support to contain the bearish scenario. Ethereum might range between EMA 20 and 50 for some time here. If Ethereum retraces back from this level, it can rocket to make a new all-time high above $5000 eventually. Conversely, if this support level is not held, the price of Ethereum can plummet as low as $2000, yet again.