Over the past week, the price of Ethereum has stabilized between $2,000 and $1,700. Because of this, the price of ETH has remained largely unchanged compared to the past seven days and has lost 2.5% of its value.
While Bitcoin price dropped below the $29,000 range, Ether lost control of the $1,800 handle and is approaching the $1,700 support level. In addition, ETH price behavior points to a significant opportunity for negative repercussions that could push the value of the cryptocurrency below $1,700.
If investors are unable to defend the critical support at $1,700, ETH is likely to drop to the next major level at $1,450, which is also the highest level in January 2018.
Suggest reading | Bitcoin seen dropping to $22,000 as bear market continues for a while
When the triangle is established, the price of the cryptocurrency will, on average, break away from the pool once it crosses nearly 70 percent of the triangle.
Ethereum bottom remains a positive sign
Analysts believe that the bottom of Ether could be between $1,700 and $1,800, noting that it is a positive sign that the cryptocurrency’s domestic decline is very close to the previous ATH because, according to former Bitmex CEO Arthur Hayes, it indicates “a great deal of pain is being felt.” .”
Similar to Bitcoin, the price of Ethereum is determined by supply and demand in the global market. Since demand exceeds supply and vice versa, the price of Ether may fluctuate in the short term.
ETH has traditionally outperformed many traditional assets, such as major bond and stock indices, over the long term.
ETH total market cap at $216.6 billion on the daily chart | Source: TradingView.com
The price of the Ether market has fallen since the sellers broke the $2,800 support level. In May, buyers found it difficult to maintain a market value above $2,000. In April, selling pressure increased significantly.
Bears can still retain control
Coingecko’s charts show that the current price of Ether is $1,792.50, which represents a move of 0.97 percent over the past 24 hours. Recent Ethereum price activity has resulted in a market capitalization of $212.6 billion.
Ether looks weak in the future as it has not been able to convert resistance levels into support. Despite the rally at the end of May, buying pressure is waning, and this may enable the bears to take control.
Suggest reading | Bored Monkey Yacht Club Drops 60% Last Month
Hayes reiterated his optimism that Ethereum could reach $10,000 by the end of the year, provided the bull market resumes, despite the recent market turmoil.
Meanwhile, Ethereum was mentioned on Friday in 273,530 out of 1,876,360 tweets and Reddit posts. Nearly 157,690 unique people discuss Ethereum, placing it second in terms of the most mentions and activity from aggregate posts.
Featured image from InvestorPlace, chart from TradingView.com