Since it’s an all-time high of $4500, Ethereum Price has been unable to break out of its negative trend. ETH in tandem with the broader market has dropped 56% from its ATH. While Traders and investors are caught up in the bear market vs consolidation phase debate, tokens struggle to break out of descending channels and validate a bullish momentum.
ETH has traded sideways for most of the time within the $1860 – $1934 (24high-low) range. It has now risen to the pivot at $1898 and heading towards the immediate resistance level at $1945. However, support from the broader market will be needed to reach $1900.
The first major resistance is at the $1965 level which could cap further gains. Although, an extended rally could get ETH to test the $2013 resistance mark.
Whereas a dip through the pivot would bring the immediate support at $1830 into play. If ETH fails to hold on to this level, $1782 will be the next support level.
The 50 EMA has pulled back from the 100 and 200, implying more downside ahead. The aim would be to move through the pivot of 1898 and back to $1900 levels to bring resistance levels into play. Failure to do so would bring support levels into play.
On the Brighter Side!
Ethereum network has settled $2.5 Trillion in transactions in Q2 2021. The increase in the number of transactions settled by Ethereum over the previous year has been fairly amazing, with a quarter-on-quarter increase of 65 percent, a massive 1490 percent increase since last year. Ethereum is expected to settle $8 trillion in 2021, according to estimates.
Not to forget, recently The Ethereum network has crossed 3 Million Users and Brazil’s SEC approved the first Ethereum ETF in Latin America. This is big up in terms of development and adoption.
At the time of writing, Ethereum is trading at $1882.38 down by 1.5% in the last 24 hours. Right now it is crucial for ETH to hold on to the pivot level and make a move forward. A continuation in the dip will strongly affirm a bear sentiment.