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The crypto market has made a remarkable recovery over the past week, with Bitcoin showing a notable gain of 15.65%. However, altcoins are giving indications of a potential short-term slowdown as profit-taking activities start to take place. Ethereum, despite experiencing an 8.6% jump, has encountered increased resistance in the last couple of days, suggesting a possible decline.
Also Read: Powell Says “Pause” Is Temporary; Expert Reveals Reason Behind Bitcoin, Ethereum, Altcoins Rally
Ethereum Price Daily Chart
- The Higher price rejection candles at $1939 reflect a strong supply pressure at this level
- The Ethereum price at $1891 could see a pullback to retest the $1800 mark.
- The intraday trading volume in Ether is $7.9 Billion, indicating an 28% gain.
Source- Tradingview
Ethereum price is currently trading around $1891 and facing resistance at $1939. It has been struggling to break through the upper Bollinger Band, forming a pattern that resembles a tweezer top. This pattern suggests a possible market reversal.
But here’s the interesting part. This retest could actually be an opportunity for buyers, as the price seems ready for a rebound. The recent low trading volume supports the idea of a reversal after the retest.
For Ethereum to maintain its bullish momentum, it needs to stay above the opening level of $1792 from June 21, which would represent a 5.43% increase. Now, the big question is whether Ethereum can reclaim the $2000 mark.
Will $ETH Price Rise Back to $2000?
There’s a chance we might see a pullback to the previously broken trendline, which could give buyers a breather before the recovery picks up steam again. If Ethereum can hold above this support level, we could witness a significant surge of 13.8%, pushing it to reach its 2023 peak of $2138.
- Stochastic: The Stochastic lines are currently in oversold territory, but they’re on the verge of a reversal after a bearish crossover.
- Bollinger Bands: The upper band of the Bollinger Band, which is currently around $1939, adds to the resistance, setting the stage for a potential bearish reversal.
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