Is Ethereum($ETH) Price Falling Back to $1800? A Golden Chance To Buy The Dip?

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.