The price of Bitcoin has dropped below $30,000 for the first time since June 22, along with the prices of Ethereum and Dogecoin. As ETH drops to $1,700, there is a lot of bloodsheds. The Ethereum Price is on the verge of collapsing, with the possibility of it falling below $1,700 and rising as high as $2,000.
Ethereum Price Analysis
The price of Ethereum began a new slide as it broke through the $2,000 support zone and entered the negative zone.
The Altcoin is trading at $1757. Before reverting, it soared to an intraday high of $1829 dollars. The price even broke below the $1,820 support level, settling far below the 55 SMA. It even fell below the $1,800 mark, forming a low near $1,759. Below $1,800, the price is certainly flashing a lot of bearish indicators.
The first significant barrier level for ETH on the upside is $1938. After that, there are $2056 and $2121.
Support levels on the downside are $1754, $1689, and $1571.
In the case of ETH/USD, the MACD is gaining traction in the negative zone. RSI for 4 hours (Relative Strength Index) The RSI for ETH/USD is currently below 50. If the adverse market action continues, ETH may soon revisit the $1500 level.
Crypto Capo Seems Optimistic On ETH Price
Ethereum’s price might rise 430 percent by 2022, according to a famous crypto trader and expert. If the crypto market enters a new bullish period, the trader, known as Capo, says he is betting on Ethereum (ETH) over Bitcoin (BTC). He also predicts that ETH will surpass BTC in market capitalization and become the most valuable crypto asset.