The previous day’s market crash dragged most of the crypto assets to the local lows, almost close to the mid-may crash levels. Ethereum price had broken the bullish trend line and tanked to much lower levels than the previous one’s. However, the quick recovery gained the trader’s attention which uplifted the ETH price above the trend line.
However, the price is currently struggling to sustain above $2000 as the bulls and the bears seem to have engaged in strife. On the other hand, the buying pressure seems to have to be mounting and therefore a decent upswing may be imminent.
The price for the past couple of days was trending within a descending channel, shedding all its gains of the past month’s recovery. The previous day’s crash, no doubt has dragged the price below the channel but recovered soon. Moreover, it is heading strongly to smash the upper levels of the channel.
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The bulls are trying harder to uplift the price in order to reach the immediate resistance levels. However, the recovery may not have been reinstated fully and hence may have to be more effective.
The analyst believes the ETH price rally could resume if certain levels are attained without undergoing a fresh plunge. Micheal de van Poppe says that the price needs to reclaim the support levels at $2100 initially.
At the time of writing, the Ethereum price is $2012 with a jump of 3.35% in the past 24 hours. Collectively, the price rally may still be viable as the voltality is towards the buyer’s end. However, a similar uptrend needs to be maintained for a longer time so that the ETH price retains the previous levels.