Ethereum price lost the bullish momentum and dropped below $2000 in the early trading hours
The bears have taken full control and hence a substantial plunge towards $1700 is quite possible
The crypto space is becoming more and more uncertain every new day as most of the tokens fail to keep the uptrend intact. The price of major cryptos like Bitcoin and Ethereum are viewing new lows. Ethereum price has slashed below $2000 and feared to hit lower levels with the continued downtrend.
The ETH price broke down below the strong support levels around $2015 and continued with the downtrend. The price is currently trading on very important levels which need to be held strong. However, the price is still above the trend line and if the downtrend continues, the next support levels could be around $1726.
The price had visited the trend line only once during the previous month crash and bounced back nearly 50%. If the price continues with the downtrend, a substantial bounce could rally the price above $2500. Yet at the press time, a recovery has made its way which uplifted the price from $1988 to above $2010.
The recovery could propel the price to new levels, however, a considerable correction could also be on the way. A popular analyst CrediBULL Crypto predicts the price could rally above $3500 by august. Nevertheless, the ATH still remains distant as following subsequent plunge cold drop the price towards $1720.
Collectively, Ethereum price underwent a classic bounce off its lower levels, yet the fear of more plunge is still on the cards. As the resistance levels are not quite strong until $2706, the path to reach would include forming constant lower highs. Initially, the ETH price requires to hit the immediate resistance levels around $2369 to flip from the bearish trend.