Ethereum price is currently stumbling to re-enter the bullish pattern but progressively maintaining the lower support just above $1000. With the current pattern formation, sustaining within an ascending trend may be a little difficult at the press time. As the second-largest crypto remains gloomy as the asset is facing a couple of hurdles for nearly a month. Therefore, the price slash is expected to continue ahead until the ETH price tests the lower support again.
The ETH cijena is swinging between $1280 & $800 but is holding the support level at $1080 after exhausting an uptrend. Ever since the asset has been coiling up, the levels around $1281 have been registered as important levels that witnessed a couple of rejections. On the other hand, the asset also failed to rebound firmly from the support, thrice.
Therefore, the investors can expect a substantial breakdown below $900 in the coming days as the bounces are getting smaller and the bulls are slowly bleeding to death.
As mentioned previously, the ETH price has extended the ascending triangle but woefully, it failed to defend the lower support. On the other hand, the ETH price has been constantly rejecting from the 200-day MA levels since April. Therefore, testing and clearing these levels are extremely important for the asset to ignite a firm rebound.
If Ethereum’s (ETH) price manages to clear these hurdles then the buyers may jump in as the asset clears $1200 and fixes the $1280 levels. And hence the bearish thesis may be eliminated while the asset could range high beyond $1400 further.
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Source: https://coinpedia.org/price-analysis/ethereum-eth-price-is-still-far-from-recovery-domino-affect-may-be-in-action/