Ethereum price followed the Bitcoin price plunge to revisit the levels below $1700
The plunge may be more intensified to retest the levels below $1600, however, a bull rally above $2000 is imminent
Ethereum Price Offering a Big Buy Moment
The ETH price rally most of the times showcases a sense of stability without extreme pumps and dumps. The dumps are always a part of the Ethereum price rally offering an opportunity to accumulate at the dips.
As a matter of fact, both Bitcoin and Ethereum go hand-in-hand during the dips, as the surge of BTC price is always more intensified than Ethereum. Therefore, the jump followed by any drastic dip would be equally accelerated to smash the highest possible levels.
Currently, at the press time, the Ethereum deposits in the centralized exchanges have dipped to the lowest ever levels. According to Glassnode, an on-chain analytics platform, the balance on exchanges has dropped below 15 million ETH.
The total value locked in ETH 2.0 deposit contract address has reached record heights of more than 3 million ETH. Therefore indicating the traders are moving their Ethereum from the exchanges to stake on the ETH 2.0 platform. And hence, the ETH price rally may get intensified, once the correction is done.
Will the Price Ever Smash $2000 Levels?
The price sustained strongly for a couple of hours above $2000, as it attained the ATH, yet dropped to the lowest possible levels below $1400. And since then, the price is attempting very hard to surge above $1700 initially and later traded above $1800.
The path to $2K appeared to be clear until a drastic dip that led nearly 10% loss. Nevertheless, following the plunge the price is expected to rally hard above $2000 soon as predicted by an analyst.
The most important thing for the Ethereum price rally is to avoid further slippage beyond the support zone between $1600 to $1650. And bounce back hard to smash the target set above $2000, but initially break the upper strong resistance levels at $1826. Once done, the next resistance levels for the ETH price are close to $1900 and later new ATH would be imminent.