Ethereum is swinging within the narrow range in between $510 to $530
ETH price is expected to break above the $521 to continue surging else would drop below $400.
The launch of Phase 0 of ETH 2.0 is looked upon as a greater push to the ETH price.
Will Ethereum Price Drop Below $450?
Ethereum price is trending with a very thin range and expected to break the flat-bottom triangle formed in the hourly chart. After the steep crash, ETH price recovered slightly and sustained above $500.
As per an analyst, Ethereum is in a very pivotal phase, where-in a breakdown or a breakout is imminent. The analyst says that from this phase if the ETH price fails to maintain the strong support levels at $476, it is very likely that the price may slide down below $400 to touch $395.64.
Considering the bullish side, if the ETH price breaks out above $521, then the price may jump as high as $582. The reasons for the possible breakdown is mentioned as the immense selling pressure.
ETH Price Analysis
Ethereum price jumped drastically in the past week to touch levels above $620 in a very short period of time, but woefully, dipped dramatically below $480 within no time. Currently, in the hourly chart, the ETH price is trending within the flat-bottom triangle with strong resistance levels.
It becomes now very important for the ETH price to break the triangle upwards to continue the bull run. Else, as mentioned by the analysts, the price may breakdown below $400 levels very soon.
However, the countdown for ETH 2.0 has set on the floor. ETH 2.0 received more than the required ETH stakes and therefore triggering the Phase 0 launch. Hence with the ETH 2.0 phase 0 launch, ETH is expected to gain good momentum and surge to new levels, above $600.
- The current resistance levels are formed at $530
- The current support levels are formed at $511
- Technical indicators point towards the ‘Buy’ signal
Collectively, ETH price is being tested at a very crucial phase, where-in a breakout or a breakdown becomes imminent.