Price Analysis

Ethereum Testing Major Support Levels, What May be the Fate of ETH Price in the Next 24 Hours?

Written by: Sahana Vibhute

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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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May 19, 2022

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Ethereum, which is speculated to be more stable and less volatile, is currently swinging within important regions. The price despite multiple drops has stood at these levels strongly, but eventually, the bottoms are expected to test once again before reckoning a significant bull run. However, it is still unclear whether the peaks will be tested or not, but the ETH price appears to be primed to register new highs in 2022. 

The second-largest crypto recently broke down from the trend line that it followed ever since the beginning of the 2021 bull run. Moreover, the recent LUNA-UST crisis also fuelled the plunge which compelled the price to hit the lower support below $1900. No doubt, the price flipped from the lower support but maintains a close consolidation along with these levels. 

However, it is expected that the bottoms are to be tested again before the actual take-off!

According to the analyst, the price may again take a dip towards the same support levels and quickly take a flight towards the highs. Somewhere in the mid-of June, the ETH price may hit the lower support and ignite a huge upswing towards the important zone around $2700. Here the possibility of a price rejection surfaces and hence if the price sustains these levels, a strong uptrend may raise the price beyond $4000 by the end of 2022. 

Considering the short-term candlestick pattern, there is a strong brawl between the bulls and the bears from the early trading hours. 

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The recently formed bearish hammer and bullish hammer justify the tough competition between the two. And hence a significant price movement may be expected irrespective of the direction in the next couple of hours. Therefore, in case of a bullish breakout, the ETH price may secure its levels above $2200 while in case of a bearish breakdown, levels below $1800 may be imminent.

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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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