Journey into the tumultuous world of cryptocurrencies where Ethereum, one of the market leaders, is struggling to regain its strength. Ethereum’s price is struggling to reach the psychological round figure of $2,000, leaving some to wonder whether sellers might be able to bring the price back down to $1,750.
In the last 24 hours, Ethereum has hovered around $1,850, stagnating in its advance and posting a fall of almost 5% over the past week.
Instability reigns, and Ethereum’s price continues to fluctuate. Over the past month, it has risen by 7%, but over three months, the trend is downwards, with a fall of almost 3%. The cryptocurrency is being tested against both the dollar and Bitcoin. In fact, the ETH/BTC pair has fallen by over 3% in one week and almost 10% in one month.
Ethereum’s price is at a critical crossroads, oscillating between the prospect of a fall towards support at $1,750 and the possibility of positive reactions from buyers. The weekly close positions the ETH price at the level of the bullish institutional bias (EMA 9/EMA 18), offering an opportunity for buyers to take action.
Ethereum struggles to regain momentum?
However, buyers are still unable to push hard enough to regain the $2,000 zone. Consequently, a return to weekly support at $1,750 cannot be ruled out. Whatever the outcome, buyers need to preserve the last low marked at $1,625 in order to maintain the momentum initiated at the start of 2023. To hope for a return to $2,400, the price will need to recover the $2,000 zone as solid support.
The RSI has already been rejected once at bullish trendline level, but has the potential to mark a deviation below it. A close above 58 could pave the way for further positive momentum.
Buyers face a crucial challenge at support at $1,850 over a 4-hour period. They need to react quickly to avoid a new wave of decline. It is imperative to bring the price back towards resistance at $1,920, as Ethereum has been trading in a range for over two weeks, oscillating between $1,920 and $1,850. The loss of the last marked low at $1,820 could enable sellers to bring the price back to $1,770. Although the RSI is showing upward momentum, with rising highs and lows, it remains trapped below the bearish trendline. A break of this trendline could result in bullish volatility.
Overall, Ethereum is struggling to regain momentum, remaining below the $2,000 level on a weekly basis. Unless buyers react quickly, the cryptocurrency could head for $1,750. In the 4-hour period, the price has been caught in a range for over two weeks, between $1,920 and $1,850. It is vital that buyers act now, at the $1,850 support level, to reverse the trend and regain an upward trajectory.