The price of Ethereum has gone through a roller coaster over the past few weeks, going up and down many times. Ethereum, the second largest cryptocurrency, has fallen more than 11% in a month, more than 9.31% in a week, and is down almost 2% in the past 24 hours. So what is the price of Ethereum? Will I recover soon? Let's talk about that in this blog.
Ethereum price analysis
Ethereum prices have been falling continuously over the past few days due to the decline in the cryptocurrency market. At the time of writing, Ethereum is trading at $2,892.53, a two-month low. However, the trading volume he saw surged by 35%, and its value reached $ 8,291,166,546.
That is because the current whale interactions on the network are hampering the sentiment of Ethereum holders. According to Spot On Chain data, one whale deposited his $12.2 million worth of her ETH tokens and his 4,153 ETH on her Coinbase exchange. As a result, Ethereum is in a sell zone with the MACD and Exponential Moving Average indicating selling pressure on the token.
Will Ethereum price recover soon?
As the entire market is falling, the price of Bitcoin has also fallen from $63,000 to $60,000. Ethereum's temporary price drop is not that big of a deal. However, several analysts are talking about the possibility of Ethereum falling to the lows of $2,500.
Cryptocurrency analyst Benjamin Cowen has been monitoring the price of Ethereum against Bitcoin and has long said that Ethereum is bearish. He believes Ethereum could fall and settle around the $2,500 level in April 2021.
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Ethereum has already broken above the key resistance line at $2,910, continuing the bearish trend. The next support lies at the $2,865 level, and if Ethereum price falls below that line, Ethereum could fall further to a lower value of $2,650.
In contrast, if Ethereum surges to the upper support level of $2,950, the price could rise to $3,250 within a few days.
final thoughts
Ethereum holders’ sentiment will also be influenced by the SEC’s upcoming announcement regarding the Ethereum Spot ETF proposal. After several delays, results are expected by the end of this month, but the chances of approval continue to decrease by the day, impacting Ethereum's price. A market reversal due to a positive outcome from the SEC is the best hope for ETH holders to see the token rise closer to the ATH target of $4,891.70.
Read more Top crypto assets that defy a bearish market outlook
