Price Analysis

Ethereum Price Rejects A Crucial Level, The Plunge May Be A Drastic One!

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Highlights

    Ethereum price fails to test critical resistance levels and on the verge to lose positions above $2000

    The successful bounce at certain levels may validate the bull rally which could attain higher levels

Ethereum price was slowly gaining momentum since the last few days of June 2021 as it successfully broke the $2000 levels. However, it managed to sustain above these levels for some time, yet the is on the verge to slip below. And if at this point in time, the ETH price experiences a dip, the results would be notable.

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The price after following an uptrend experienced a slight pullback, yet recovered very soon. Nevertheless, the fresh plunge since the early trading hours, compiled the price to flip from the resistance levels. Analyst, Micheal de van Poppe, marks the important levels where a decent bounce is mandatory.

The analyst further says that the price needs to bounce after visiting $2050 levels. And if the price fails to bounce, it may head towards the critical support levels around $1987. The analyst also predicts the price may test the zones as low as $1750 if it losses the bullish momentum.

Also Read: XRP Price Sets Targets Levels Towards A Huge Profit!

Ethereum Price May Still Have A Stable Rally

The ETH rally mostly, manifests a stable rally, without extreme pumps or dumps. The more ETH is on the exchanges, the price tends to visit lower levels. Yet hinting towards yet another bull run approaching very fast, the amount of ETH held in exchanges has dropped to its lowest ever ratios since November 2018. 

One of the on-chain analytic platforms Santiment that records the on-chain statistics of major crypto assets said that the percentage of ETH held in exchanges has dropped below 18%. And hence due to this a huge sell-off may be unlikely in the near future.

Currently, Ethereum price is attempting very hard to test the bounce area and eventually flip the bearish divergence. However, to validate the bounce, the ETH price needs to regain the lost positions above $2100. On successful breakout to these levels, the price rally may continue to test the upper levels. 

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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