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ETHEREUM PRICE ANALYSIS CMP-$1,865: Betting on $1800 or $1900 - Who Will Win the Race?"

Key Takeaways
  • ETH is trading above the Descending triangle pattern on daily chart
  • On the four-hour chart, ETH has breached the ascending trendline
  • If we analyse the monthly candle, we can observe that ETH is forming a Doji pattern
31 May 2023 By: Lokesh Gupta

Ethereum's price is currently undergoing a correction after facing resistance near the $1,920 mark against the US Dollar. For a renewed bullish momentum, ETH needs to successfully surpass the hurdles at $1,920 and $1,930.

Following a failed attempt to break through the aforementioned resistance zone, Ethereum experienced a downward correction, falling below the $1,900 level, mirroring the movement seen in Bitcoin.

After a significant uptrend from the $1,824 swing low to the $1,928 high, Ethereum experienced a dip below the 23.6% Fibonacci retracement level. The bears remained active and managed to breach the crucial support zone near $1,870. This led to the formation of a new low around $1,862. Moreover, the bearish pressure resulted in breaking the important bullish trend line, which previously provided support around $1,875 on the ETH/USD hourly chart.

However, there is some positive development as Ether has managed to regain ground above the $1,870 level and the 100-hourly Simple Moving Average. This recovery suggests a potential stabilisation in the price and may offer some respite to the bulls.

ETH faces an immediate resistance around the $1,880 zone. In case of a successful breakthrough, the next significant resistance is anticipated near the $1,920 level. A decisive move above these resistance levels, particularly $1,920 and $1,930, could potentially trigger a bullish momentum, leading Ether's price towards the $1,960 mark. Subsequently, the following resistance sits around $2,020, and a sustained rise above this level might propel Ethereum towards the $2,080 level.

If ETH fails in difficulty in surpassing the resistance at $1,920, a continuation of downward movement is likely. The initial support level on the downside is projected to be near $1,840. If the price fails to find support at this level, the next significant support zone is expected around $1,800. A close below the $1,800 support level may trigger further declines towards the $1,740 support level. Subsequent losses could potentially drive the price towards the $1,720 level, or even as low as $1,700, in subsequent trading sessions.

Based on price analysis, the market capitalization of ETH is approx at $224,485,831,853. The 24-hour trading volume is expected to be $5,793,885,978.


RESISTANCE LEVEL : $1,900-$1,940

SUPPORT LEVEL : $1,840-$1,800

Will Ethereum Reach $2,000 Again? Let's Analyze the Breakout and Its Impact on Future ETH Prices. Will Buyers Overcome the Current Barrier, or Will We Witness a Prolonged Correction in the Near Future? The question remains: Will Ethereum reach $2,000, or will it revisit $1,600? We encourage you to share your views in the comment section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.