Is Ethereum Being Rejected At $2k USD Price Level?

Ethereum Price Takes a Dive Prior to Merge Upgrade
  • Bitcoin has climbed by 14%, while Ethereum has increased by over 39%.
  • The whole crypto market holds 19% of the ETH dominance.

The king of altcoin Ethereum (ETH) price has been backtracking over the last few days, as a result, ETH gained over 40% in the previous month. The price action at the moment indicated consolidation and Ethereum nearly reached $2000 due to ongoing Merge final test completion. 

Ethereum was largely consolidating, resulting in a value drop, and the technical view had changed to bearish. At the time of writing, a decline in buying strength was shown on its chart, which turned ETH negative. 

Eventual Price Increase Moment in Ethereum

At the time of writing, the market capitalization of all cryptocurrencies is $1.18 trillion and the market holds over 19% of ETH dominance. Ethereum was traded at $1,894.57 with a trading volume of $15,651,551,836. ETH price is up 15.5% in the last 15 days and  11.5% in the last 7 days, as per the CoinGecko.

Ethereum (ETH) price chart (Source-Tradingview)

After attempting to trade over the $2,000 price level, the price of Ethereum experienced a pullback. The altcoin previously has been rejected multiple times at the $2,000 price level. 

The overhead resistance of Ethereum was at $1,900, and an increase in price from that level would push ETH closer to the $2,000 level. Local support for the coin was $1,700, but if the price of Ethereum continues to go sideways, it may eventually reach $1,500.

If the price of Ethereum is to rise over $2,000 the buying strength on its chart may significantly increase. Also, the next support level for the ETH would be a challenge if Ethereum is unable to move over the $1,900 mark.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.