Ethereum Price Prediction: Sub $1800 Awaits as Sell-Off Gathers Steam?
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is once again in the spotlight after recent market turbulence saw short-term holders realize gains and losses. Is a dip below $1800 imminent? This Ethereum price prediction article assesses the potential for further price drops and analyzes whether the coin can sustain its position above $1,800 amid rising institutional interest.
Ether price continues to struggle. Currently, Ethereum is trading today at $1,896, reflecting a 4.49% increase in the last 24 hours. This follows a bearish morning where Ethereum (ETH) tumbled by 6.75% to $1,810. However, broader market volatility contributes to these fluctuations in price stability.
Key Support Levels Under Pressure
Ethereum is trading today at $1,840, significantly lower than the $3,400 highs reached earlier in the year. Market analysts warn of further declines if key support levels are breached. The Ethereum’s future is in doubt unless it can hold onto the $1,800 area. If the uptrend holds, Ethereum can bounce fairly short term (say, towards $1,950-$2,000), but failing to return to $1,900 would leave sub-$1,800 in play.
Technical Analysis: Mixed Signals
Previously, a large red candle on Ethereum’s daily chart was testing the boundaries of a support zone between $2,300-$2,160. The area stood prominent during late January’s crash after spearheading a 53% upwards run to $3,285. With the daily RSI also shifting to oversold territory, chances of another bullish rebound were present. This divergence between price and ADL suggests waning selling pressure and hints at an impending breakout. Overcoming resistance around the $1650 level could pave the way for a rally.
Ethereum Price Prediction: What's Next?
ETH’s strong recovery from the $1,500 level laid the foundation for a bullish setup. If prices continue to hold above $1,800, the immediate outlook could improve. Market analysts remain cautious, noting that a breach of the $1,800 support could trigger a significant sell-off. Keep checking back for our ongoing Ethereum price prediction.