Ethereum Price Breaks the Channel, Will it Heal-Up or Drop Below $1K?

50


Ethereum Price Bounced back!

The crypto space is witnessing a severe roller-coaster ride in the recent days by coiling to certain levels yet plunge back. Ethereum price also hit the milestone of smashing $2000 levels yet feared to roll down to the lower levels.

Currently, the ETH price chart currently appears to have broken the support levels within the channel and attempting hard to overcome the lost momentum. 

The price broke the channel’s support levels around $1600 consecutively the second time and struggling to enter the channel yet again. However, a ‘V-Shaped’ recovery is expected to rally the ETH price. Initially, the price may surge towards the levels around $1700 and later surrounding the resistance levels at $1875 as predicted by analyst BitcoinAgile.

Also Read: Ethereum Price Coiling up, Is It a Better Investment Than Traditional Assets Like Gold?

Coinbase to HODL ETH

One of the popular exchange, Coinbase has filed to go public on Nasdaq via a direct listing. It is considered the biggest achievement in the crypto space as the move may bring crypto adoption into the mainstream. 

Moreover, Coinbase is soon expected to be the first public company to HODL Ethereum in their balance sheet as said by analyst Spencer Noon. Therefore showcasing a strong bullish signal that can rally the price to new highs.

Collectively, the Ethereum price rally is expected to climb to new highs, yet the prime focus would remain on the price not trembling down further. Once the correction phase is over, the price is expected to hit $1800 yet again.

Also Read: 2021 Expected to Be the Year of Ethereum, Will It Hit $10,000 by the End?





Source link

Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept