The crypto market recently saw a significant surge in Ethereum (ETH) price, which crossed the crucial level of $1800. However, there are differences among experts on how sustainable this bullishness is.
Table of Contents
- Current Situation: Market Volatility Remains
- Whale Activity and Market Impact
- Technical Analysis: Support & Resistance
- Future Prospects: Bullish Breakout or Bearish Pullback?
- Conclusion: Caution Ahead for Investors
Current Situation: Crosses $1800, But Volatility Remains
Ethereum price recently surged above $1800, but it is currently trading around $1797. Despite this rise, the gains have dropped below 10%, indicating volatility in the market. According to experts, there is a strong resistance at $1860, and if this level is crossed, the price could reach $2000. However, if the price falls to the support zone of $1750, it could drop below $1700.
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Whale Activity: Cause of Market Volatility
The activity of large investors, called ‘whales’, has increased volatility in the market. According to a report, one whale bought about 20,000 ETH, worth about $34.7 million. At the same time, another whale withdrew 12,000 ETH from Binance, raising fears of a potential drop. However, the selling pressure did not see a significant increase, which indicates that the price may continue to rise.
Technical Analysis: Support and Resistance Levels
According to technical analysis, the ETH price could not move above the 50-day moving average of $1830, as selling pressure limited the gains. However, the convergence and base lines have shown a bullish crossover, indicating a potential uptrend. Cloud analysis suggests that the token is still under bearish influence, and the price may consolidate around the support level of $1770.
Future prospects: Towards $2000 or downside?
Analysts believe that if ETH crosses the resistance level of $1860, it can reach $2000. However, if the price falls below the support level of $1750, it can go down to $1700 or below. The market direction will depend on global economic indicators and investor sentiment in the upcoming days.
Conclusion: Vigilance required
Ethereum’s recent rise is a promising sign for investors, but it is necessary to remain cautious given the market volatility. Technical indicators are mixed, and the price direction will be clear in the next few days.
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