Ethereum Price Struggles at $2,530 Support! Crash to $2,175 or Surge to $3,300?
Amidst continued market uncertainty, Ethereum prices continue to lose momentum. Despite its accumulation reaching new all-time highs, ETH prices have fallen by more than 20%, raising concerns about its future price prospects.
Despite long-term bearish price action, most investors see this as a good opportunity to invest in the largest altcoins through market cap. Are you one of many people who intend to invest in this digital asset but are concerned about its prospects? Read this article to discover possible mysteries!
ETH price retests its important support trendline!
Ethereum’s price fell by about 1% in 24 hours, with trading volume of $20.057 billion. Despite a 2.17% jump in the past seven days, the alternative has dropped by 18.21% over the past 30 days and the YTD return is -20.52%.
EMA 50/200 days are on the road to experiencing the cross of death within the daily time frame. This highlights the strong bearish feeling of alternative tokens in the cryptocurrency market.
Furthermore, the MACD indicator records a constant red histogram with the average showing similar price action. This shows that Altcoin’s sales pressure has increased over the next period.
Will the ETH price recover?
Assuming that, in this case, a bullish trend reversal would occur, Ethereum price would retest its immediate resistance level of $2,870. Maintaining prices above this level could lead the altcoin to step upwards towards its $3,300 upward target in the future.
Instead, persistent bearish action can raise the price to its immediate support level of $2,530. Additionally, if bearish sentiment intensifies, this could raise the price of the ETH token to its crucial low of $2,175.
Want to know if the largest altcoin by market capitalization will make $5,000 this year? Read ours Ethereum price forecast Explore long-term possibilities!
FAQ
Ethereum’s price has seen a significant pullback in its valuation due to increased uncertainty in the cryptocurrency market.
If the Bulls recover their advantage, the price of the ETH token will achieve a new ATH this year.
Continuous bullish action can push the price of ETH tokens to over $15,000 in 2030.
