Ethereum price is on a bumpy ride fluctuating above and below the psychological $2000 level.
In the last 24 hours, ETH dipped below the key support level at $1890, hitting $1879. However, a resurgence followed as the 24hr high is $2045.
ETH tried to break the resistance at $2020 but failed by a cent. It is currently trading at $1,984 up by 4.6% in the last 24 hours. The token has not tested any resistance or support levels yet.
ETH is now expected to dodge the pivot at $1960 to head towards $2054 resistance.
If an extended rally follows, the price can make a move towards $2114. However, the support from border crypto market will be needed to achieve this. In case the price dips, the support levels are at $1900. A further fall to $1805 will cap the losses.
Although the price action looks gloomy, the Ethereum network is doing well in terms of adoption and network development. Recently, The Ethereum network has crossed 3 Million Users and Brazil’s SEC approved the first Ethereum ETF in Latin America.
Ethereum Price is poised to hit $3400?
Popular Crypto analyst/trader Credible Crypto has made an extremely bullish prediction for Etheruem. He believes ETH Price will skyrocket to above $3400. However, this rally invalidates if ETH dips below $1720.
If the prediction plays out well, Etheruem will witness an 80% surge from its current value of $1996.
Although, the analyst believes Etheruem will have a bullish momentum in the next few weeks. He says Eth will forgo all its gains post the relief rally. Further, the sell-off will lay the stage for a positive reversal in Ethereum and altcoins in general.
“ETH and alts make a lower low down after the relief (rally) while BTC puts in a higher low- effectively increasing dominance for the final push up before the reversal.”
The Bull Market is still ON!
Credible Crypto has also weighed in on, Is this the bear market or the consolidation phase of the bull market debate.
He says, “We are in a bull market. This is a correction in the middle of a bull market…”
In the analyst’s opinion – on the way to the top, every bull run faces phases of consolidation. This is both required and beneficial for continued growth. Each bull cycle has been lengthening. Hence, it is inevitable that this one would take longer than the last and long consolidation phases are part of the process.