The price of Ethereum stabilized at $1,700 to $2,000 during the week. This is why the ETH value lost 2.5% over the past seven days.
Bitcoin fell below $29K, but Ether lost its grip on the $1800 handle, and is now approaching the $1700 support level. In addition, ETH’s price behavior indicates a significant chance of adverse repercussions that might push the cryptocurrency’s value below $1700.
If investors cannot defend $1700 of critical support, ETH could plummet to $1450 at the next level, the same as its January 2018 high.
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The price of cryptocurrency that is part of a triangle will break off from it once the group has covered approximately 70% of the triangle.
Ethereum bottom still a positive sign
Analysts believe Ether’s bottom may be between $1700 and $1800, noting that it’s a positive sign that the cryptocurrency’s local low is so close to its previous ATH because, according to Former Bitmex CEO Arthur Hayes, it indicates “a substantial amount of pain was felt.”
Similar to Bitcoin, Ethereum’s price is determined by supply and demand on a global market. The price of Ethereum could fluctuate short-term if there is more demand than supply.
The long-term performance of ETH over traditional assets such as bond indices, major stocks and bonds, has been exemplary.
Source: TradingView.com| Source: TradingView.com
Since sellers breached the $2800 support level, Ether’s market value has fallen. Buyers found it hard to keep Ether’s market value at $2000 in May. Selling pressure rose tremendously in April.
Bears Can Still Retain Control
Coingecko charts reveal that the current Ether price is $1,792.50. This represents a 0.97 percent change over 24 hours. Market capitalization has reached $212.6 trillion dollars due to Ethereum price movements.
Ether’s future looks weak because it couldn’t convert resistance levels into support. Even though Ether rallied at the May end, there is less buying pressure, which may allow bears more control.
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Hayes reiterated that he believes Ethereum will reach $10,000 this year. However, this is subject to a reprise of the bull markets, in spite of recent turmoil.
Meanwhile, on Friday Ethereum was mentioned in 273,530 of 1,876,360 tweets and Reddit posts. Approximately 157,690 unique persons are actively discussing Ethereum, placing it in second place in terms of the most mentions and activity from collated posts.
Featured image by InvestorPlace. Chart from TradingView.com