Categories: AnalysisEthereum

Ethereum Is Experiencing Difficulty As The $1900 Price Zone Still Cannot Be Recovered

Ethereum-Is-Experiencing-Difficulty-As-The-$1900-Price-Zone-Still-Cannot-Be-Recovered

Key Points:

Ethereum’s price decline continues after the April peak, locked between $1,830 and $1,880.
Strong BTC movement could push ETH above $1,900, reflecting the recent price correlation.
Despite volatility dropping to 19.90% on August 15, ETH’s negative sentiment persists, with a potential retest of $1,730 if the downward trend continues.

Ethereum (ETH) has been experiencing a downward trajectory since April when it breached the $2,000 resistance level before slipping beneath it.

Ethereum Is Experiencing Difficulty As The $1900 Price Zone Still Cannot Be Recovered 4

Presently, the ETH price finds itself constrained between the $1,830 and $1,880 marks. The scenario could shift if Bitcoin (BTC) displays a robust uptrend, potentially propelling ETH above $1,900.

This prognosis takes into account the recent strong correlation between Bitcoin and Ethereum. Both cryptocurrencies exhibited similar price actions over the weekend in the four-hour timeframe.

In an optimistic scenario, Ethereum, the leading altcoin by market capitalization, might even surge towards the $2,000 region, aiming to touch $2,010, a milestone last tested in mid-July.

On August 15, data from Derbit indicated that ETH’s volatility dipped below 20%, currently resting at 19.90%.

Ethereum Is Experiencing Difficulty As The $1900 Price Zone Still Cannot Be Recovered 5

Analyzing the weekly timeframe reveals a prevailing negative sentiment, as the decline is attributed to the deviation and subsequent breach of the $1,950 resistance. Such a downward shift often indicates significant market movements to the downside.

Should this trend persist, there’s a likelihood that the price zone around $1,730 could be retested in the near future. At present, ETH is trading at $1,843, positioned above the 50% Fibonacci level. However, the recent proximity to the $1,830 range has caused apprehension among bullish investors.

ETH price chart. Source: TradingView

While the prospect of ETH maintaining a position above $1,800 appears favorable, the focus remains on breaking through the $1,900 barrier for a more positive outlook.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.