Over the past week, the price of Ethereum has stabilized between $2,000 and $1,700. Due to this, the price of ETH was practically unchanged compared to the last seven days and lost 2.5% of its value.
While Bitcoin has dipped below the $29K range, Ether has lost its grip above the $1800 level and is approaching the $1700 support level. Additionally, ETH price action indicates a significant potential for adverse repercussions. which could push the value of the cryptocurrency below $1,700.
If investors fail to defend the crucial support at $1,700, ETH is more likely to drop to the next major level at $1,450, which is also its all-time high from January 2018.
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When a triangle is established, the price of the cryptocurrency will, on average, break away from the pack once it has traversed roughly 70 percent of the triangle.
Ethereum bottom is still a positive sign
Analysts believe that the Ether bottom may be between $1700 and $1800, noting that it is a positive sign that the cryptocurrency’s local low is so close to its previous ATH because, according to former Bitmex CEO Arthur Hayes, indicates that “a substantial amount of pain was felt”. ”
Like Bitcoin, the price of Ethereum is determined by supply and demand in a global market. As demand exceeds supply and vice versa, the price of ether can fluctuate in the short term.
ETH has traditionally outperformed various traditional assets, such as bond indices and major stocks, over the long term.
ETH total market cap at $216.6 billion on the daily chart | Source: TradingView.com
The market price of Ether has been declining since sellers broke above the $2,800 support level. In May, buyers found it difficult to maintain a market value above $2,000. In April, the selling pressure increased enormously.
The bears can still maintain control
The current price of Ether is $1,792.50, which represents a movement of 0.97 percent over the past 24 hours, Coingecko charts show. Ethereum’s recent price activity has resulted in a market cap of $212.6 billion.
Ether looks weak going forward as it was unable to turn resistance levels into support. Despite the rally in late May, the buying pressure is easing and this could empower the bears to take control.
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Hayes reiterated his optimism that Ethereum could reach $10,000 by the end of the year, depending on the resumption of the bull market, despite the recent market turmoil.
Meanwhile, on Friday Ethereum was mentioned in 273,530 of 1,876,360 tweets and Reddit posts. Approximately 157,690 unique people are actively discussing Ethereum, putting it in second place in terms of the most mentions and collected post activity.
Featured image from InvestorPlace, chart from TradingView.com