Like the rest of the cryptocurrencies, the price of Ethereum (ETH) also moved in a downward direction in the recent trading session.
Ethereum’s price was also moving in a higher direction until the end of last week. It was on August 19 when the trading price of ETH experienced a dip.
The trading price of ETH ended up experiencing a lower level, coming all the way down to 20-day EMA. The data shows that the trading price of ETH has fallen below $1,771, which is the 20-day EMA.
Recovery may be Losing Steam
From the month of July, the trading price of ETH started to experience a recovery. However, the trading price of ETH ended up losing its recovery and started losing its position.
The price of ETH has started moving in a downward direction. The analysts are expecting that the trading price of ETH may continue to fall lower.
According to the analysts, the trading price of ETH may end up falling to a lower level of $1,700. The particular level is considered to be the strong support mark for ETH.
It was between August 6 and August 10 when the trading price of ETH hit the $1,700 level as a support mark for the second-largest cryptocurrency.
Ethereum’s Bulls are expected to Push ETH to $2,030
Although Ethereum is currently facing a downtrend, the investors are still hoping that its value may experience a rebound.
Taking the upcoming Merge into consideration, the analysts are expecting that a rebound may be recorded in the price of ETH. This would mean that the strength may come back to the bulls and they may start pushing their price higher
Flip from Resistance to Support
At the time of writing, the trading price of ETH is at $1,623, and the $1,700 mark is serving as a resistance for ETH.
With strong purchasing of ETH, the bulls may try and flip the $1,700 mark from resistance to support. Then the bulls will be able to defend the mark with strong force.
Attempt to Push ETH to $2,030
As the bulls manage to flip the resistance level to the support level, they will gain the strength to push ETH to a high of $1,960.
As the buying momentum keeps growing among the bulls, the trading price of ETH will grow in proportion to that. Such an outcome is expected to push the trading price of ETH all the way up to $2,030.
If the bulls succeed in doing so, then Ethereum’s bullish movement may get resumed.
ETH’s fall to $1,519
If the trading price of ETH keeps falling, then the $1,700 mark would become a strong resistance level. From this point, the bears will have the opportunity of increasing their selling pressure to pull ETH to $1,519.