Can Ethereum Surpass $2K Amidst Selling Pressure at Higher Levels?

By Lola Coin Jun 27, 202367Views

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Bitcoin’s recent surge past the $30K resistance level has led to a bullish rally in several altcoins, but Ethereum (ETH) has failed to experience a significant boost. The high gas fees and scaling issues of ETH have hindered its upward price trajectory, causing investors to turn their attention to other altcoins. This lack of confidence in Ethereum’s price potential has led to a sell-off in ETH call options, adding to the overall selling pressure. Furthermore, the Ethereum/Bitcoin trading pair has reached a multi-month low, creating a bearish environment for ETH’s price. Currently, ETH is trading between $1,930 and $1,840, showing uncertainty between bullish and bearish forces. The bulls have a slight advantage, with signals indicating a potential ascent towards $2,000 and even $2,148. On the other hand, if the bears bring the price below $1,846, it could tumble towards $1,700.

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