Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been going through a period of volatility in recent days.
After hitting the USD 2,000 mark last month, the price of Ethereum has fallen sharply, falling below the USD 1,800 level several times.
This leaves investors wondering if the bulls will step in to save the day and push the price back up.
The cryptocurrency market as a whole has been going through a period of uncertainty, with many investors questioning the sustainability of the recent bull run.
Despite these challenges, Ethereum has remained a major player in the cryptocurrency ecosystem, with many investors remaining optimistic about its long-term prospects.
The value of Ethereum (ETH) is falling as market volatility continues
According to CoinGecko, The current price of Ethereum has taken a sharp dive, dropping to $1,760. This represents a significant 24-hour drop of 3.2% and a week-long drop of 7.2%. This comes after Ethereum hit a new high in mid-April, crossing $2,100.
Source: Coingecko
While undergoing a retracement, the $1,800 support level prevented further decline and has held steady for the past two weeks, provided Bitcoin does not drop below $27,000.
If Ethereum experiences aggressive demand at the current level, the $1,800 support level may come to the aid of the bulls. However, if Bitcoin falls to $26,000, Ethereum’s support level could burst, exposing it to further sell-off.
In such a scenario, Ethereum could retreat to lower USD 1,700 or even USD 1,500 support levels. It is worth noting that upper resistance levels to consider are at $2,000 and $2,100.
Market-wide sell-off blamed for ETH retreat
As the cryptocurrency market continues to experience volatility, investors are closely monitoring Ethereum’s price movements. With the current drop below USD 1,800, many are wondering where Ethereum is headed.
Some analysts believe that Ethereum’s decline is due to a market-wide sell-off driven by concerns over Bitcoin’s regulatory action.
Others suggest that the recent drop in Ethereum’s price can be attributed to concerns about it high transaction costs and network congestion.
Looking ahead, the current support level remains a critical factor in Ethereum’s price trajectory. If the bulls step in to save the day and push the price back up, Ethereum could regain its previous support levels and continue its uptrend.
ETHUSD loses handle on $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 see further declines.
The cryptocurrency market remains unpredictable and investors should exercise caution when making investment decisions.
While Ethereum’s long-term outlook remains positive, short-term price movements are subject to a range of factors that can affect its near-term value.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)
– Featured image from BuzzFeed
