Ethereum

Ethereum Price Breaks the Channel, Will it Heal-Up or Drop Below $1K?

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Highlights

    Ethereum price plunged below $1500, yet manifest a bullish trend upcoming that may lead the price to the previous levels

    Big companies are expected to hold Ethereum in their balance sheet, indicating the strong potential of the asset

Ethereum Price Bounced back!

The crypto space is witnessing a severe roller-coaster ride in the recent days by coiling to certain levels yet plunge back. Ethereum price also hit the milestone of smashing $2000 levels yet feared to roll down to the lower levels.

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Currently, the ETH price chart currently appears to have broken the support levels within the channel and attempting hard to overcome the lost momentum. 

The price broke the channel’s support levels around $1600 consecutively the second time and struggling to enter the channel yet again. However, a ‘V-Shaped’ recovery is expected to rally the ETH price. Initially, the price may surge towards the levels around $1700 and later surrounding the resistance levels at $1875 as predicted by analyst BitcoinAgile.

Also Read: Ethereum Price Coiling up, Is It a Better Investment Than Traditional Assets Like Gold?

Coinbase to HODL ETH

One of the popular exchange, Coinbase has filed to go public on Nasdaq via a direct listing. It is considered the biggest achievement in the crypto space as the move may bring crypto adoption into the mainstream. 

Moreover, Coinbase is soon expected to be the first public company to HODL Ethereum in their balance sheet as said by analyst Spencer Noon. Therefore showcasing a strong bullish signal that can rally the price to new highs.

Collectively, the Ethereum price rally is expected to climb to new highs, yet the prime focus would remain on the price not trembling down further. Once the correction phase is over, the price is expected to hit $1800 yet again.

Also Read: 2021 Expected to Be the Year of Ethereum, Will It Hit $10,000 by the End?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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