Ethereum, the biggest altcoin in the industry, has recently been at the center of much speculation and analysis. Currently trading at $1612, Ethereum price has seen a minor intraday decline of 0.28%.
A closer look at the ETH price trajectory reveals a sideways trend, with the coin finding solace in the demand belt that spans from $1613 to $1643.
The past few weeks weren’t particularly kind to the ETH price action. Upon approaching the coveted $2000 psychological mark, Ethereum price faced a sudden upsurge in supply. This resulted in a steep 19.62% decline over the past 60 days. This decline led to a “death cross” on the daily chart.
Adding to the complexity is forming a falling wedge pattern in the Ethereum price chart. Traditionally viewed as a bearish signal, this pattern hints at a potential continuation of the downtrend.
However, lower price rejections at the current support level indicate the potential for a bullish turnaround.
If Ethereum’s price manages to bounce back, it will retest the broken support trendline of the 2023 bull run. Such a rebound could translate to a refreshing 13.40% rally, ensuring that the ETH price remains on an upward trajectory.
RSI: The daily RSI line is in a lateral movement, as it hovers just above the oversold territory.
MACD: The MACD and signal lines are in a tight sideline move, grappling to maintain a bullish alignment.
Will Ethereum Prices Cut Through $2000?
Turning our gaze to potential price targets, a bearish breakdown could push Ethereum down to $1491—a decline of 7.5%. Ethereum could further slide to the next support checkpoint at $1360 if the bears maintain their rally.
Conversely, the path to redemption for the bulls lies through two significant resistance barriers at $1800 and $2000.