The digital asset space has been paying attention to the crypto as it struggles to stabilize above the $1,800 mark. The crypto faced significant losses during the bearish season, and this recent drop could cause more significant declines. Unlike many assets within the space, Ethereum has failed to record more gains and even retake its ATH. Previously, the asset’s main support was around the $1,800 point, but this downward movement around $1,700 could lead to more lows.
Ethereum’s gain above the mark is short-lived and could stir up downtrends if the support doesn’t keep it up. The digital asset remains highly volatile as it fluctuates, and it plans to break the $1,800 resistance.
ETH loses $1,800 support
Ethereum holders should understand that the crypto is at a stage that its value is very vulnerable to market situations and could drop even lower at any point. The asset is unlikely to record long-term gains till it gets enough bullish strength to achieve that purpose. The crypto’s key resistance starts around $2,000, $2,100 and $2,200.
On the other hand, the support level that holds the position starts from $1,500 and could subsequently drop to $1,400 and $1,300. Despite Ethereum not looking bearish, a breakout above the $1,800 level could be the action it needs to restart a significant bullish run and breakout from the $2,000 mark.
Ethereum had more declines yesterday than gains as it moved below one of its key supports $1,800. Its present support is at $1,700, meaning that it could start trading below its 21-day MA. There is always a likelihood that it would have a breakout and move beyond the anticipated point, which is very common for digital assets.
The asset could move from its current $1,794 mark to towards the $1,700 price point, which is a hazardous movement and could signify more losses. The crypto gained over 1% from yesterday’s outlook, which will help the asset gain some bullish support in the long run.
Ethereum could see an uptrend
If the asset moves below its current point, there are strong indications that it would see more drastic losses before it eventually records notable gains. The asset’s next movement would be above the $1,800 mark and eventually attain the $1,900 point. This gain could ignite the crypto to hit more notable resistance levels above the $2,000 mark.
Unfortunately, if the present mark becomes its main support, it would likely fall below $1,700 and then hit $1,500 and below. If it eventually hits $1,300, the bull would likely dominate the market and cause upward price movements after the continuous falls.
It’s safe to note that ETH has failed to hold key support, making it vulnerable to losses. This could make it decline in a short-term outlook but would see an uptrend after some while. The RSI (14) moves around the 53-level, which is signaling some bearish dominance in the market. When compared against Bitcoin, the asset has continued to stabilize and show potentials for more upward gains.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.