Ethereum

Ethereum(ETH)  Price Drops to an 18-Month Low, This May be When You Can Expect A Trend Reversal!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 13, 2022

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Highlights

    Ethereum price crashed hard breaking the lower crucial support zone at around $1493 and appears to be poised to form new lows around $1000 very soon

    The second-largest crypto has reached an important demand zone, failing to sustain here may end up the prices to incur another 25% loss in the upcoming days

Ethereum price which is experiencing tremendous selling pressure ignited by the de-peg of stETH token has been fueled by the recent Celsius Network crash. Woefully, the asset which is holding the $1200 area strong may eventually face a massive rejection at these resistance levels and plunge hard below the $1000 area very soon. However fewer chances of a notable rebound could be in place, but will it happen in the next 24 to 48hrs?

Ethereum Hovering Within Crucial Zone

The second-largest asset held the $1697 support level very strong ever since the market crashed last month in May. However, just before the beginning of the weekend, the prices slipped below these levels which was further fueled by the stETH de-peg. Moreover, the CEL token crashed hard which compelled the price to trade within a huge demand area at the moment. 

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As per the data from Intotheblock, nearly 4 million ETH was bought between the price of $1070 and $1399 by more than 2.29 addresses. Therefore, as far as the prices are within these ranges, the fear of hefty plunges may be distinct. On the contrary, if the ETH price losses the last line of defence above $1000 at $1070, then a steep plunge to the next lower support at $817. 

Are Traders Accumulating ETH to Stake in on ETH 2.0?

The much-awaited Ethereum merger is fast approaching while the testnet of the merge is accomplished. Therefore, the possibility of staking on the platform at the final stage could have been intensified as the address holding more than 32 coins just reached a 14-month high. 

It is a known fact that to become a validator, one has to stake 32 ETH on the network. Now when the address with 32 ETH has reached an ATH, the possibility of staking it on the network also rising high. 

Collectively, despite Ethereum (ETH) price hovering within very crucial levels, captivated by the bears, the possibility of a trend reversal may be expected. No doubt the bullish divergence may occur only when the asset hit the lower crucial levels. It is important that at what support levels, ETH price could ignite a rebound, $1069 or $817!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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