After a brief resurgence a day ago, cryptocurrency markets are already under pressure. A round of profit booking caused a sell-off in most cryptocurrencies. The mood is pessimistic. The price movement is negative. It’ll be a bear market until the price becomes appealing enough for buyers to enter and accumulate.
Ethereum Price Sentiment Remain Bearish
The Ethereum Price plummeted below $2,000, causing panic among cryptocurrencies.
ETH/BTC and ETH have both dropped in value. Ethereum is edging closer to the $1800 mark. If it does not hold that level, it may fall even lower to $1500.
ETH was trading at $1902 at the time of writing. The first major resistance is at $2020, with $2092 and $2140 following. Support is found at $1850 and $1770 on the lower side.
In the case of ETH/BTC, it has rejected the resistance trend line of 0.0684 and is now trading at the EMA 100 support level of 0.059025. From here, a bounce is expected.
However, if the support holds, the price would likely decline and retest the EMA 200 support line around 0.050623.
However, it’s nearly impossible to overlook the striking similarities between this year’s price activity and the 2018 bubble burst and an ensuing bear market. Ethereum fell to tremendous sale pressure in 2018, losing more than 94 percent of its value.
The market will eventually rebound, and the price will rise once more. Although crypto price charts are tedious, there has been a significant increase in Ethereum supply in smart contracts, making the current situation quite interesting. According to glassnode, it has risen from 23 percent to 32 percent.