Ethereum Loses Grip On $1,800: Will The Bulls Barge In To Save The Day?
12 May 2023 - 7:40PM
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Ethereum (ETH), the world’s second-largest cryptocurrency by market
capitalization, has been experiencing a period of volatility in
recent days. After hitting the $2,000 mark last month, the price of
Ethereum has dropped sharply, falling below the $1,800 level on
multiple occasions. This has left investors wondering whether
the bulls will step in to save the day and push the price back up.
The cryptocurrency market as a whole has been experiencing a period
of uncertainty, with many investors questioning the sustainability
of the recent bull run. Despite these challenges, Ethereum has
remained a key player in the cryptocurrency ecosystem, with many
investors remaining bullish on its long-term prospects. Related
Reading: SPONGE Lists On 2 Major Exchanges: Will It Beat Pepe’s
Solid Price Performance? Ethereum (ETH) Value Drops As Market
Volatility Persists According to CoinGecko, Ethereum’s current
price has taken a sharp dive, plunging to $1,760. This marks a
significant 24-hour decline of 3.2% and a week-long decrease of
7.2%. This comes after Ethereum made a new high in mid-April,
surpassing $2,100. Source: Coingecko Although it experienced
a retracement, the $1,800 support level prevented further decline
and has remained stable for the past two weeks, provided Bitcoin
does not drop below $27,000. If Ethereum experiences aggressive
demand at its current levels, the $1,800 support level may come to
the bulls’ rescue. However, if Bitcoin drops to $26,000,
Ethereum’s support level could crack, exposing it to further
selloffs. In such a scenario, Ethereum could retreat to lower
support levels at $1,700 or even $1,500. It’s worth noting that
upper resistance levels to consider are at $2,000 and $2,100.
Market-Wide Selloff Blamed For ETH Retreat As the cryptocurrency
market continues to experience volatility, investors are keeping a
close eye on Ethereum’s price movements. With the current drop
below $1,800, many are wondering where Ethereum is heading next.
Some analysts believe that Ethereum’s decline is a result of a
market-wide sell-off, driven by concerns over Bitcoin’s regulatory
crackdowns. Others suggest that the recent decline in Ethereum’s
price could be attributed to concerns over its high transaction
fees and network congestion. Looking ahead, its current support
level remains a critical factor in Ethereum’s price trajectory. If
the bulls step in to save the day and push the price back up,
Ethereum could reclaim its previous support levels and continue its
upward trend. ETHUSD loses handle on $1,800. Chart:
TradingView.com Related Reading: SHIB Holders, Get Ready: Latest
Shiba Inu Update Could Be A Game Changer However, if the bears
continue to dominate the market and push the price below the $1,800
support level, Ethereum could experience further declines. The
cryptocurrency market remains unpredictable, and investors should
exercise caution when making investment decisions. While Ethereum’s
long-term prospects remain positive, short-term price movements are
subject to a range of factors that could impact its value in the
near term. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk) -Featured image from BuzzFeed
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