Ethereum Loses Grip On $1,800: Will The Bulls Barge In To Save The Day?

Christian Encila

2 years ago

3 mins read

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Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been experiencing a period of volatility in recent days.

After hitting the $2,000 mark last month, the price of Ethereum has dropped sharply, falling below the $1,800 level on multiple occasions.

This has left investors wondering whether the bulls will step in to save the day and push the price back up.

The cryptocurrency market as a whole has been experiencing a period of uncertainty, with many investors questioning the sustainability of the recent bull run.

Despite these challenges, Ethereum has remained a key player in the cryptocurrency ecosystem, with many investors remaining bullish on its long-term prospects.

Ethereum (ETH) Value Drops As Market Volatility Persists

According to CoinGecko, Ethereum’s current price has taken a sharp dive, plunging to $1,760. This marks a significant 24-hour decline of 3.2% and a week-long decrease of 7.2%. This comes after Ethereum made a new high in mid-April, surpassing $2,100.

Source: Coingecko

Although it experienced a retracement, the $1,800 support level prevented further decline and has remained stable for the past two weeks, provided Bitcoin does not drop below $27,000.

If Ethereum experiences aggressive demand at its current levels, the $1,800 support level may come to the bulls’ rescue. However, if Bitcoin drops to $26,000, Ethereum’s support level could crack, exposing it to further selloffs.

In such a scenario, Ethereum could retreat to lower support levels at $1,700 or even $1,500. It’s worth noting that upper resistance levels to consider are at $2,000 and $2,100.

Market-Wide Selloff Blamed For ETH Retreat

As the cryptocurrency market continues to experience volatility, investors are keeping a close eye on Ethereum’s price movements. With the current drop below $1,800, many are wondering where Ethereum is heading next.

Some analysts believe that Ethereum’s decline is a result of a market-wide sell-off, driven by concerns over Bitcoin’s regulatory crackdowns.

Others suggest that the recent decline in Ethereum’s price could be attributed to concerns over its high transaction fees and network congestion.

Looking ahead, its current support level remains a critical factor in Ethereum’s price trajectory. If the bulls step in to save the day and push the price back up, Ethereum could reclaim its previous support levels and continue its upward trend.

ETHUSD loses handle on $1,800. Chart: TradingView.com

However, if the bears continue to dominate the market and push the price below the $1,800 support level, Ethereum could experience further declines.

The cryptocurrency market remains unpredictable, and investors should exercise caution when making investment decisions.

While Ethereum’s long-term prospects remain positive, short-term price movements are subject to a range of factors that could impact its value in the near term.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

-Featured image from BuzzFeed

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.