James Atkins
Editor
Editor
Ethereum (ETH) dips below $2000 for the first time in a month. After bottoming at $1700 a few weeks ago, the currency had shown some gains.
However, that surge in momentum has slowed, and we may expect to see some losses. But this is not always something to be concerned about. Here are some key considerations:
The price of Ethereum has been fluctuating lately. Back in June, it dropped to around $1700, which seemed to signal the end of ETH’s rally.
The coin was expected to reach $1000 in what might have been its worst decline this year. However, ETH recovered and regained $2000 rapidly, only to lose it again. In the last seven days, the coin struggles to remain on a value over the $2k mark.
At the time of writing this, Ethereum was trading at $1935 after a small price surge of 1.54% in the last 24 hours. While Ethereum’s market capitalization stands at $223 billion, its 24-hour trading volume is recorded to be $26 billion.
However, we believe this will be the last time that things turn out differently. Although ETH is currently around $2200, the currency will almost certainly return to this critical mark in the days ahead.
This will send a vital bullish signal, which is likely to trigger interest in ETH. The cryptocurrency will swiftly rise to $2400 before slowing down.
However, there are a few major risks. For example, if the present decline turns out to be greater than anticipated, this hypothesis may be invalidated.
In the short run, failure to maintain the $1800 resistance could drive ETH toward $1500. Ethereum bulls need to be very careful in the days ahead.
The long-term value of Ethereum has never been in question. However, short-term volatility will continue throughout the remainder of the year.
The greatest way to profit right now is to invest in Bitcoin once the price has stabilized above $2000.
If you’re not sure about the potential hazards, though, you can keep an eye on the cryptocurrency and see whether it breaches $1800. When this happens, $1500 will be a fantastic entry point.
Ethereum price is currently struggling to gain momentum above the $2000 resistance against the US Dollar. There was a sharp decline in ETH price below the $2120 support area.
The price even spiked below the $2000 level and tested the $1920 level. A low is formed near $1920 and the price is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $2120 high to the $1920 low.
Ethereum bulls need to be very careful in the days ahead as the key $2000 support area is under threat. A daily close below this support could push Ethereum toward its next major support at $1500.
So, how can you benefit from Ethereum price swings shortly? The key is to be nimble and take advantage of every opportunity. Here are a few tips:
What do you think? Please hit the comment section and tell your views.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
