Will Ethereum (ETH) Price Surge 33% In the Coming Week Or Drop Below $1000? What’s Next? – Coinpedia – Fintech & Cryptocurreny News Media

5


Early on May 15, the global crypto market cap remained unchanged at $1.28 trillion. This week, the price of Bitcoin, the world’s largest cryptocurrency, fell to roughly $25,420, its lowest level since December 2020.

Bitcoin has lost around 37% of its value this year. Ethereum (ETH) is currently trading at a 10-month low, along with several other major cryptocurrencies. Other cryptos have suffered the same fate, with Ethereum down by 44% this year.

On Saturday, the price of Ethereum moves in a relatively narrow range with no evident directional bias, while the asset remains in the red.

Following the big sell-off, the relief rally pushed the cryptocurrency back above the $2,000 threshold. Even still, the asset’s downside pressure remained intact.

Will ETH Price dip to $1,000 level?

The current price of ETH is $2,000, which is barely over the previous candle’s settling price. Early buyers could be surprised in the coming days if the price continues to drop in a freefall pattern towards $1400.

If the technicals are right, Ethereum might stage a countertrend rebound before plunging much lower towards the $1,000 price range.

The price of Ethereum has seen a large surge in bearish volume, significantly complicating the $1,000 price target.

On the volume indicator, the bears have printed a traditional ramping pattern, which can be used to forecast future drops. If the technicals are true, there may be a chance to short Ethereum in the coming days.

A breach at $2,660 invalidates the bearish downtrend if the bulls can breach this level. The bulls might then aim for a price goal of $3,000, which would represent a 33 percent increase over the current Ethereum price.

Was this writing helpful?



Source link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More