TR:DR Breakdown
- Ethereum price may break above the $1800 level amidst recent downslide.
- ETH volatility a blessing in disguise for investors.
This past week saw Ethereum price reach a new record, touching close to $1750 before decreasing recently. However, ETH is predicted to find stability at $1500.
According to the 4-hour ETH/BTC chart above, as per data from TradingView, the Ethereum price downslide started from the $1750 level before trading below the $1700 mark. Before this, ETH has maintained a steady increase from $1275 after trading below the Fib retracement point below 23.6 percent. However, it has substantial support close to the $1660 threshold.
Presently, the price of Ethereum is exchanging below $1650, but it is significantly above the 4-hour moving average. After the $1660 strong support, the next will be $1500, and any more decline will lead to another strong support at $1440.
What next for Ethereum price?
Analysts have predicted that if the Ethereum price remains steady above $1500, an increase may follow as it may experience its most robust support at that level.
Shortly, it may also increase above $1800 if all predictions come to pass. The closest resistance level is pegged at $1750, and a significant break above this level may pave the way for this increase.
Ethereum remains a force in cryptocurrency
The sudden increase in Ethereum price was unpredictable. As of January 2021, ETH traded at $1200, a 25 percent increase in its December 2020 value. Now, Ethereum is the most used cryptocurrency in the US after Bitcoin and Bitcoin Cash.
Given its volatility in the market, a lot of investors are attracted to this asset. Ethereum is gaining a large stake in the market with increasing popularity every day.
Many investors are presently looking at the possibility of using Ethereum as a healthy alternative to Bitcoin. With bullish runs predicted for Ethereum price, it is wise enough to think this, but Bitcoin remains the apex of cryptocurrency.
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UC Hope
UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.
