Ethereum price is losing ground below $1800. looking at the downward momentum ETH may even test the $1500 level in the near future.
ETH has been plunging consistently, it first broke the $1950 support, and settled below 100 hourly SMA. Following this, support levels at $1850, $1800 were broken and a low was formed near $1722.
It is now trading at $1763 down by 7.3% in the last 24 hours. The immediate resistance is at $1770 and the next resistance is at $1800. ETH has to surge above $1800 and clear the $1820 level where the major bearish trend line resides if it wants to bring $2000 to play.
Near the $1,650 level, the first substantial support is found. If ETH fails to hold above the $1,650 support level, it may go below the $1,600 level. Any further losses might lay the stage for a near-term plunge towards the $1,500 support zone.
ETH is poised to hit $10K!
Although the price action is gloomy, a popular analyst has made a bullish case for Ethereum in the near term.
Pseudonymous analyst Capo says that he is betting on Ethereum over Bitcoin if the crypto market enters a new bullish period. He also believes that ETH will surpass BTC in market capitalization and become the most valuable crypto asset.
Before this cycle concludes, Capo believes the market will begin another bullish phase. He predicts that ETH will reach $10,000 by the end of the year, i,e a 430% increase from its current price.
His Tweet read,
In my opinion, the cycle top will be above [$10,000]. There’s no w3-w5 divergence yet, and the fact that the extension after such an accumulation period (2018-2020) has been too short. It makes me think that we will see another leg up.”
Although, for this prediction to play out the market should make another bull rally in this cycle. Looking at the present market condition it is still indecisive whether this is the beginning of the bear market or the consolidation phase to the next leg of the bull cycle.
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