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.
KEY LEVELS :
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.