ETH Price Analysis - Retests Upside at $2,000, But Long-Term Bear Remains

After a massive drop to $1,792 in the past 2 weeks, Ethereum price has started to recover. Now, ETH is trading above the $2,000 mark at the time of writing.  However, despite the subsequent upward impulse, the price of Ethereum has been trading in a narrow sideways channel throughout the past week.  In other words, ETH's volatility has indeed decreased, which indicates a strong market uncertainty at the moment.

 

Let's come to the fundamental aspect. Vitalik Buterin, the co-founder of the Ethereum blockchain platform has declared that he is no longer a billionaire after the dramatic wipeout of crypto fortunes.

 

Vitalik Buterin tweeted on Friday, saying that "Eventually you make a mistake in your beliefs, and (especially if you are in politics, but some other domains too) correcting that mistake means acknowledging that a previous version of yourself contributed negative value to the world."

 

He also discussed the tradeoffs between "open-mindedness" and "passion," while expressing support for the blockchain he helped create. "Note to trolls: no, ethereum was not a mistake," he wrote.

 

According to Bloomberg, in November 2021, his crypto wallet had assets worth $1.5 billion. Since then, the value of Ethereum has decreased by 55%, from a peak of $4,735 to $1,980 at the moment. However, in fairness, it needs to be replaced that not only Ethereum fell, but the entire crypto market as a whole. And so far, fundamental factors do not give prerequisites for expecting growth...


The total capitalization of the crypto market has remained virtually unchanged over the past week, as has the price itself, and currently stands at $2.59 trillion. And the share of the second largest cryptocurrency by capitalization is 19.10%.

 

Technical Analysis

Despite the global expectation of a further decline in the price of the entire crypto market, the price of Ethereum may rise in the coming days.

 

On the weekly price chart. Here, as we said, nothing has changed so far, the price has been moving down for seven weeks in a row and has not yet reached the oversold zone. At the same time, it is still too early to say that the price has “felt the bottom”.

 

ETH price was hold at a fairly strong support level of $1,930, which coincides with the Fibonacci level of 61%. It is not surprising that the price rebounded to this zone, after falling to $1,800 last week, and it is here that we are now seeing its "slippage". Further, we can see from the chart that if the price is destined to fall further, then the next support level may be the $1,100 - $1,200 zone.

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Let's move to the daily price chart to see the opportunity in the coming days.Here we have marked the formed Bullish divergence between the price chart itself and the MACD and RSI indicators. Do not expect a strong breakout or price reversal as the market is still in a globally bearish trend. However, it is likely that the price could hit the now-resistance level in the $2,500 mark before another decline.

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