Will Market Correction Push Ethereum Price Below $2000
Despite trading sideways between $2140 and $2400, the ETH price has shown sustainability above the $2140 support level. This support, combined with the 38.2% Fibonacci retracement level, creates a strong buying opportunity for investors to revive the bullish momentum and continue the recovery trend.
A Bullish Breakout from $2400 Can Release Bullish Momentum
If the ETH price manages to break out above the $2400 resistance level, it could release the buildup of bullish momentum and potentially lead to further price gains.
A Confluence of Technical Levels Creates Strong Support at $2140
The combined support of $2140 and the 38.2% Fibonacci retracement level provides a significant level of support for Ethereum. This suggests that buyers have an upper hand over the asset and could result in a stronger bounce back.
Intraday Trading Volume Indicates a 45% Gain
The intraday trading volume in Ether is currently at $10.2 billion, indicating a 45% gain. This high trading volume suggests increased market activity and potential price movements.
The Ethereum price recently experienced another reversal from the $2400 resistance level, resulting in a 7.5% drop in the last five days. However, buyers are finding support at the combined support of $2140 and the 38.2% Fibonacci retracement level, indicating their continued dominance in the market.
The U.S. Securities and Exchange Commission (SEC) is making progress towards approving the first spot Bitcoin exchange-traded funds (ETFs) in the United States. This development has led to increased optimism in the market.
With a potential spot Bitcoin approval next week, there may be bullish reversal opportunities at the $2140 support level. A bounce back from this support could push the ETH price up by 7% and potentially challenge the $2400 resistance level, confirming an uptrend continuation.
If a breakout occurs, the ETH price could surge to $2675 and even higher.
BTC vs ETH Performance
Source: Coingape| Bitcoin Vs Ethereum Price
In recent market trends, both Bitcoin and Ethereum have shown gradual recovery with higher highs and lows. However, Ethereum has underperformed compared to Bitcoin, as indicated by the formation of a new lower high in its price trajectory. The anticipated approval of a spot Bitcoin ETF could provide a significant boost to Bitcoin’s market sentiment and strengthen its position in the market.
- Exponential Moving Average (EMA): The 20-and-50-day EMA continue to act as dynamic support for the ETH price.
- Moving Average Convergence Divergence (MACD): A bearish crossover state between MACD(blue) and signal(orange) suggests an active correction mode.
Related Article:
- Ethereum Price Slips As Paradigm Dumps 6,500 ETH To Coinbase, What’s Happening?
- Ethereum (ETH) Metrics Hints Readiness for Huge Gains, Is $2500 Possible?
- Ethereum Price Prediction: Buterin’s 2024 Roadmap Sparks Rally to $5,000
Hot Take: Ethereum Price Holds Strong Support Levels Amid Market Correction
The Ethereum price has shown resilience and sustainability above the $2140 support level, despite recent market corrections. With a potential breakout above the $2400 resistance level and the anticipation of a spot Bitcoin ETF approval, there are bullish opportunities for investors. The combined support of $2140 and the 38.2% Fibonacci retracement level provides a strong buying opportunity for buyers. If the bullish momentum is released, we could see the ETH price surging to new highs. However, it’s important to monitor the market closely and consider factors like trading volume and technical indicators for better decision-making.
By
By
By
By
By