Ethereum Price Plunge Continues! ETH Price On The Path To Retest $2,000 This Week?

reportcryptos.com
3 Min Read

Altcoins continue to record massive price volatility with major top tokens experiencing a significant correction in their respective value. Further, the leader of altcoins, Ethereum price, lost over 8% within the last 24 hours.

The Ethereum price traded in a narrow space between $2,190 and $2,248 for a while, after which the market gained momentum, resulting in a price breakout.

After reaching a top of $2,401, the leader of altcoin faced restriction, and the price traded in a consolidated range between $2,248 and $2,401 for over a week.

Ethereum Price Analysis
TradingView: ETH/USDT

The price faced repeated rejection at $2,401, following which it lost momentum and recorded a correction of approximately 9% in valuation. The price then traded in a narrow space between $2,190 and $2,248 for the next four days.

As the market volatility grew, the Ethereum token displayed a minor pump-and-dump in its chart. After multiple attempts, the bulls regained momentum and jumped over 19.5%, following which it faced rejection at $2,691.5.

The coin then traded sideways for a while, indicating a cool-off in the market sentiments. After this, the price moved in a closed range between $2,501 and $2,589 for a week. The ETH token constantly traded under a bearish influence and lost over 11% in valuation.

Currently, the price is displaying a bearish move and is on the verge of testing its crucial support level of $2,190, of which the outcome is uncertain.

Will ETH Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating a higher selling-over-buying pressure in the market. Further, the averages show a bearish curve, highlighting a bear power in the crypto space.

If the market experiences a trend reversal, the ETH price will test its resistance level of $2,248. Maintaining the price at that level will set the stage for Ethereum to attempt to test its upper resistance level of $2,401 in the coming days.

Negatively, if the market continues to lose value, the star altcoin will test its support level of $2,102 soon. Moreover, if the market is dominated by the bears, it will plunge and prepare to test its lower support level of $2,000 this month.

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *