CryptocurrencyEthereum Loses $1800 Handle - Will Bear Market Pull...

Ethereum Loses $1800 Handle – Will Bear Market Pull ETH Down Deeper?


During the previous week, the price of Ethereum has stabilized between $2,000 and $1,700. Because of this, the ETH price remained largely unchanged compared to the last seven days and lost 2.5% of its value.

While Bitcoin has fallen below the $29K range, Ether has lost its hold on the $1800 handle and is approaching the $1700 support level. In addition, ETH’s price behavior indicates a significant chance of adverse repercussions that might push the cryptocurrency’s value below $1700.

If investors are unable 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 January 2018 all-time high.

Suggested Reading | Bitcoin Seen Dropping To $22K As Bear Market May Linger For A While

When a triangle is established, the price of the cryptocurrency will, on average, break away from the cluster once it has traversed approximately 70 percent of the triangle.

Ethereum Bottom Still A Positive Sign

Analysts believe Ether’s bottom may be between $1700 and $1800, noting that it’s a positive sign that the cryptocurrency’s local low is so close to its previous ATH because, according to Former Bitmex CEO Arthur Hayes, it indicates “a substantial amount of pain was felt.”

Similar to Bitcoin, Ethereum’s price is determined by supply and demand on a global market. As demand exceeds supply and vice versa, the price of ether might fluctuate in the short-term.

ETH has traditionally outperformed several traditional assets, like 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 the $2800 support level was breached by sellers. In May, buyers found it difficult to maintain a market value above $2000. In April, the selling pressure surged tremendously.

Bears Can Still Retain Control

The current price of Ether is $1,792.50, representing a movement of 0.97 percent over the past 24 hours, Coingecko charts show. Recent Ethereum price activity has resulted in a market capitalization of $212.6 billion dollars.

Ether appears weak going forward because it was unable to convert levels of resistance into support. Despite the rally at the end of May, buying pressure is waning, and this could empower bears to seize control.

Suggested Reading | Bored Ape Yacht Club Plunges By 60% Last Month

Hayes repeated his optimism that Ethereum might reach $10,000 by the end of the year, contingent on a resumption of the bull market, notwithstanding recent market turmoil.

Meanwhile, on Friday Ethereum was mentioned in 273,530 of 1,876,360 tweets and Reddit posts. Approximately 157,690 unique persons are actively discussing Ethereum, placing it in second place in terms of the most mentions and activity from collated posts.

Featured image from InvestorPlace, chart from TradingView.com



Original Source Link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Blue Cross $2.67B antitrust settlement approved by judge

A federal judge approved Blue Cross and Blue Shield companies’ $2.67 billion antitrust settlement on Tuesday.   Barring an appeal,...

Trevor Noah Absolutely Shreds GOP Hypocrites Defending Trump After FBI Raid

The Daily Show’s Trevor Noah called the hypocrisy of Republicans who threw America under the bus after the...

Creepy deep-sea ‘vanilla Vader’ woodlouse is 25 times bigger than a land louse

A colossal, creamy yellow woodlouse relative that has a vague resemblance to Darth Vader has been discovered deep...

Inflation Reduction Act limits pass-through tax break for 2 more years

Senate Majority Leader Chuck Schumer, D-N.Y., discusses the Inflation Reduction Act on Aug. 7, 2022 in Washington, D.C.Kent...

Rains In South Korea Turn Seoul’s Roads To Rivers, Leave 8 Dead

SEOUL, South Korea (AP) — Some of the heaviest rain in decades swamped South Korea’s capital region, turning...

Ne-Yo Claimed Ice-T Let Him Grab Coco’s Butt: Video – Hollywood Life

View gallery In a preview of the upcoming episode of Drink Champs on YouTube, singer Ne-Yo, 42, revealed the...

Must Read

Building Bitcoin Village In Nigeria – Bitcoin Magazine

Nigeria is a unique country in West Africa,...

Senate approves big Biden deal; House to vote next

Democrats pushed their election-year economic package to Senate passage Sunday,...
- Advertisement -

You might also likeRELATED
Recommended to you