Price Analysis

Will Ethereum Price Plunge Below $2000? Here are the Next Crucial levels for ETH?

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With the London hard fork just around the corner, Ethereum price appears to be in trouble. The launch of the EIP-1559 upgrade is also approaching, yet the coin’s price remains in the bearish zone. 

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The cryptocurrency ETH/USD struck a high above $2400 last week, but it has now reversed lower from that peak on July 7th. 

The price of Ethereum has failed to recover over $2200 and has begun a new downward trend. It is currently trying to keep its price above $2000. If ETH falls below $2000, it could experience a huge drop. The decrease occurred when investors began to believe that the hard fork would be delayed once more.

In a similar fashion to Bitcoin, ETH has dropped from the $2,175 barrier zone. Near $2,100, ETH breached many supports. If Ethereum does not recover above $2,050 or $2,100, it may continue to fall, with additional losses and a retest of $1850-$1900 possible. 

On the downside, $2,010 serves as an initial support level. In the short term, closing over $2,100 might kick-start a good recovery wave. Near the $2,175 level, the next major resistance is found. At the time of writing, ETH was trading at $2021.85.

On the other hand, Lark Davis appears to be bullish on Ethereum. According to Davis.:

There are so many catalysts: moving to proof-of-stake (PoS), [ETH] 2.0, [decentralized finance], [non-fungible tokens], EIP-1559, and much, much more – the developer lead and all this stuff. I’m super, super-bullish on Ethereum.”

Earlier today his tweet also was hinting towards his Bullish outlook for the second-largest cryptocurrency.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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