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Ethereum bull rally slows down as Bitcoin swings above $35,000 forming new all-time high.
The price is in a decisive phase where-in a positive breakout is the need of the hour to continue the uptrend
Upcoming Ethereum Price Wave Will Be Massive!
Ethereum bullish trend spiked the ETH price to the highest ever levels above $2000 recently. The ethereum was expected to follow the bitcoin bull rally and hit the target above the precious ATH at $2044. But woefully, as the asset price reached its peak, the selling pressure pulled down the price and low trading volume retained the price above $1400.
Currently, ETH price is trending within a triangle where-in a positive breakout is mandatory to maintain the uptrend. Therefore, the upcoming candle is very crucial which will decide the further movement of the digital asset.
At the time of writing, the ETH price is $1779 with a drop of 5.44 percent in the last 24 hours, after a rally of nearly 3.45 percent in the past seven days. However, the resistance is currently at $1881, after breaking, the path to forming new ATH becomes very clear.
On the contrary, the support levels initially are at $1430 and if it the price breaks down further, strong support levels are formed at $1279 and holding above these levels is inevitable.
ETH Price Could Fly high
ETH price is just 12.95% less than it’s all-time high and the upcoming bull run also could rally the price above the ATH at $2036. Nevertheless, the ETH bull rally might have slowed down but does not appear to have halted.
The bull run may explode which is expected to follow after the current correction phase. And the price may rally as high as above $2500 in the coming week as per Simon Dedic, Managing Partner at Moonrock Capital.
Moreover, the searches for Ethereum on google trends have spiked in recent times which points out the more and more interest flowing out from the retail investors or traders. Therefore, the current lowered pace is just a temporary movement, a large rally however is imminent.