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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.
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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.
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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