Ethereum has been recording new gains recently as the industry shows some bullish bias, but the growth might be short. The asset fell slightly when it hit the $1,850 range as it aimed to retake the $2,000 mark. The present reversal might be necessary to gather enough strength to hit its next possible mark, which is the $2,000 range.
Holders have been watching the asset move through the $1600-$1800 range for the past two months, and if it finally takes the resistance, it would likely maintain the uptrend to reach another attractive high. A major problem the industry faces is the growing selling pressure, which weakens the asset before it gets the chance to move to another significant high.
ETH slightly declines
While the bulls are still active and are working towards pushing the asset to its next resistance level, this might not happen if the reversal gets more severe than anticipated. The digital asset industry has to stay firm and hodl the crypto, or it could continue to show downward movements like it has been showing for the past few months.
Ethereum is trading around the $1,805 range at press time and had fallen from recently gotten gains. The asset is down by 0.46%, and this could be the beginning of more dangerous drops. The crypto’s resistance level holds around $2000, $2100, and $2200. On the other hand, the support holds are $1650, $1550, and $1450.
The asset has lost most of its recently gotten gains, and the present support holding it would be the $1,800 mark, and if it continues testing this mark, it could be dangerous for the crypto. It’s safe to note that the crypto had been below its moving averages some weeks ago, which affected the price. It had seen many lows weeks go, but the industry is finally moving out of the bearish zones.
The crypto had started the day with around $1,850, but it lost some of its value within some minutes. Other coins in the sector have been performing well as Bitcoin keeps reaching new highs as bulls gain market dominance.
ETH predicted to retake the $2,000 mark
Bitcoin has influenced the whole industry as it recently retook the $59,000 mark, and that could be enough for Ethereum to retake its ATH. The crypto’s major problem is the $1900 mark that has been a difficult mark for the digital asset as it fails to maintain a level above that range.
The asset’s price drop doesn’t stop it from remaining bullish, even though it is down by 0.50%. If Ethereum manages to continue moving above the 9-day and 21-day moving averages, charts show that it would take its $1900 resistance and finally hit the $2,000 mark. Holders should note that if the crypto declines around the $1900 range, it could see more significant falls.
The asset has to move above the moving averages to resume its uptrend and finally assure more gains for new digital asset holders. Ethereum’s movement towards the $1950 mark would help it accumulate enough momentum to hit the resistance points.