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Ethereum Price Fails to Break the Strong Resistance Levels, What’s Next?

Highlights

    Ethereum Price failed to flip the strong resistance levels into support indicating a possible bearish momentum gearing up

    The much-awaited Ethereum Berlin Hard Fork is speculated to go live by the mid of April

    The ETH price is expected to experience a slump to the previous support levels before surging back above $2000

Ethereum Price May Revisit Below $1500 Levels!

The Ethereum price had broken the upper resistance recently, failed to break the strong resistance levels around $1858. It had also broken the multi-year parabolic pattern showcasing the cleanest retest of all time, yet plunged again.

Interestingly, the price may to slash to lower levels, testing the strong support level around $1435 to $1380 in April 2021. According to analysts, Micheal de van Poppe, after the price slump, ETH price would surge to regain the spot around the ATH and may also break it.

Therefore, the price should break the strong resistance levels around $1858 to continue to surge towards the highs above $2000.

Is It the Right Time to Trade ETH?

The ethereum developers recently confirmed the launch of the much-awaited Berlin hard fork in mid-April. Moreover, the hard fork aims to address many important improvements including the high gas fees. 

The ETH price however may decline to much lower levels and continue its bull run around the same time as the Berlin fork launch. Therefore might be yet another chance to accumulate more at the much lower levels. 

One of the analyst CryptoDude has, however, cautioned his 28.9K followers not to trade at the present time. He says that the price is compressed between two zones and no further movement can be predicted until the price breaks any one of them.

Collectively, the Ethereum price rally is expected to halt for some time as the price is stuck within some levels. At the time of writing, the ETH price is $1815 which are at the same levels with neither profit nor loss. Therefore, Ethereum hitting $2000 may be fast approaching yet a plunge in the row ahead.

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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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