As cryptocurrency took back gains to allow for new liquidity and a new rebound, Ethereum prices fell below the support level of $1800.Since the rebound began in October, the cryptocurrency market has experienced a significant decline for the first time, with Bitcoin prices dropping 2
As cryptocurrency took back gains to allow for new liquidity and a new rebound, Ethereum prices fell below the support level of $1800.
Since the rebound began in October, the cryptocurrency market has experienced a significant decline for the first time, with Bitcoin prices dropping 2.2% from the resistance level of $35000 to $33977. Ethereum prices were not spared as it encountered resistance and fell below the support/resistance level of $1800, dropping 1.3% to $1773 on the same day.
Due to the heavy impact on counterfeit coins, the total market value fell 2.1% to $1.29 trillion. For example, Solana fell 6.4% to $31, Chainlink fell 5.2% to $10.53, and Bitcoin cash fell 5.1% in market value within 24 hours to $243.
Is it profitable for Ethereum prices to fall?
The first significant decline since the beginning of last week's upward trend has left many analysts and investors wondering whether the decline will bring profits. Analysts such as RektCapital believe that as the bull market continues, the decline in the stock market provides investors with opportunities to enrich themselves. Especially for counterfeit currency, it is expected to experience explosive bullish moments and significant adjustments.
Famous trader and analyst Altcoin Sherpa expressed a similar view earlier today, demanding that investors "recognize what the beginning of a truly strong rebound looks like
ETH Price Forecast: Will it be $2000 next?
Ethereum began to rebound using a double bottom pattern, with support level of approximately $1545. Subsequent steps above the critical moving average, such as the 21 day Exponential Moving Average (EMA) (red), 100-EMA (blue), and 200-EMA (purple).
The breakthrough goal of the double bottom pattern is to increase by 12.25% to $1958, but Thursday's pullback caused Ethereum prices to abandon the upward trend of $1868. If the support level of the double bottom neckline remains unchanged, Ethereum will be able to adopt a stronger trend and may break through the coveted $2000 blockade.
Despite Ethereum's pullback from its October high, the Relative Strength Index (RSI) remains in the overbought region, confirming the bullish outlook. In other words, bulls may resume an upward trend, rather than bears taking over and pushing prices below $1700.
All three moving averages, starting from the 200 day moving average of $1711, the 100 day moving average of $1648, and the 21 day moving average of $1658, will absorb selling pressure and provide bulls with the opportunity to drive another rebound.
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