On Monday, Ethereum saw a significant pullback from its session highs. The second-largest cryptocurrency has just dropped below the desired $2,000 level, thanks to recent market activity. It temporarily dropped below the specified level before quickly recovering. However, ETH purchasers continue to struggle to maintain gains as they face upward pressure.
ETH/USD is now trading at $2,000, down 6.45 percent on the day. With advances of more than 48 percent, the 24-hour trading volume is approaching $20,771,000,352.
A surge in volume while the price falls is a negative indicator. As a result, we recommend that investors use suitable trading levels to take advantage of any sell-side opportunity.
The price of Ethereum struggled to recover from the previous week’s lows of $1,701.04. In just four sessions, ETH increased by 26%. However, investors should not be alarmed by the upward trend since, given the extreme oversold market position, a price rebound is expected.
The Ethereum gloomy clouds are predicted to last longer. If the price falls below the day’s low, the current trend will resume. On the downside, the psychological $1,700 level might be the first target.
A shift in positive attitude, on the other hand, might result in a price reversal. More increases would be seen if the price closed decisively over $2,100, followed by the horizontal resistance zone at $2,500.
In terms of technical indicators, the RSI (relative strength index) remains below the average line, giving a cautionary signal for buyers. With no evident directional bias, the moving average convergence divergence (MACD) stays down.
02 Feb 2023
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