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Ethereum (ETH), the second largest cryptocurrency in the world by market capitalization, has been experiencing a period of volatility in recent days.
After hitting the $2,000 mark last month, the price of Ethereum has plummeted, dropping below the $1,800 level several times.
This left investors wondering if the bulls would step in to save the day and push the price up again.
The cryptocurrency market as a whole is going through a period of uncertainty, with many investors questioning the sustainability of the recent bull run.
Despite these challenges, Ethereum remains a key player in the cryptocurrency ecosystem and many investors remain optimistic about its long-term prospects.
Ethereum (ETH) price drops as market volatility persists
According to CoinGecko, the current price of Ethereum has plummeted, dropping to $1,760. This means a significant 24-hour decline of 3.2% and a weekly decline of 7.2%. This came after Ethereum hit a new high in mid-April, topping $2,100.
Although it experienced a pullback, the $1,800 support level has prevented further declines and has remained stable over the past two weeks, provided Bitcoin does not fall below $27,000.
If Ethereum faces aggressive demand at its current levels, the $1,800 support level could come to the aid of the bulls. However, if Bitcoin drops to $26,000, Ethereum’s support level could break, leading to further selloffs.
In such a scenario, Ethereum could retreat to lower support levels at $1,700 or even $1,500. It is worth noting that the upper resistance levels to consider are at $2,000 and $2,100.
Market-wide selloff blamed for ETH retreat
As the cryptocurrency market continues to experience volatility, investors are keeping a close eye on Ethereum price movements. With the current dip below $1,800, many are wondering where Ethereum is heading next.
Some analysts believe that Ethereum’s decline is the result of a market-wide sell-off fueled by concerns about Bitcoin regulatory action.
Others suggest that Ethereum’s recent price decline may be due to concerns about high transaction fees and network congestion.
Looking ahead, its current support level remains a critical factor in Ethereum’s price trajectory. If the bulls intervene to save the day and push the price up again, Ethereum could restore its previous support levels and continue the uptrend.
ETHUSD is losing control at $1,800. Chart: TradingView.com
However, if the bears continue to dominate the market and push the price below the $1,800 support level, Ethereum could experience further declines.
The cryptocurrency market remains unpredictable and investors should exercise caution when making investment decisions.
While the long-term outlook for Ethereum remains positive, short-term price movements depend on a number of factors that could affect its value in the near term.
(The contents of this site should not be considered investment advice. Investing involves risk. When you invest, your capital is at risk.)
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