Following a few days of gains, it appears that the Ethereum price is once again trapped in a downward cycle, with the price likely to test the $2,000 support level.
The London hard fork is set to go live on August 4th of this year, and investors appear to be excited about it so far. The demand for ethereum has increased in recent weeks, but this desire hasn’t been enough to keep the altcoin price stable.
It, on the other hand, began the day in the green on Friday, as bullish pressure attempted to drive the price towards the dynamic resistance at approximately $2200.
However, all indications for Ethereum have pointed to bearish patterns thus far. The current asking price is roughly $2,100. With a possible downturn on the horizon.
From a weekly high of $2,400, the price of Ethereum has dropped significantly. Ether was able to test $2,000 after several support zones failed to save the bulls. Investors should be prepared for a 20% collapse in a measured move downhill to $1724 from current levels.
The RSI has dropped below 50. At the age of 40, I’m still going strong. This value suggests that ETH is in a bear market right now.
On the other hand, there is reason to be positive about ETH because the 55 and 200 four-hour Simple Moving Averages (SMA) are converging near each other, possibly forming a golden cross. As a result, additional purchasers would be attracted, pushing prices back up. The first profit target would be $2,278.42, which has proven difficult to achieve in the past.
However, during the early days of the network change, the price of ETH will skyrocket, and the supply will steadily decrease. We are approaching a big development era for Ether with the London hard fork, one that will be marked by both enthusiasm and massive uncertainty.