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Ethereum (ETH) price is retesting a key demand zone after failure to break above the $1,900 resistance level. The smart contract cryptocurrency is changing hands at $1,787 on Thursday as the altcoin sell-off intensifies. The latest technical analysis suggests time is running out for the ETH maxis as the price hangs by a thread.
On Thursday, ETH to USD price plummeted to $1,775 before showing a brief recovery. This was the lowest level for the native asset of the top L1 platform since 21st June. On a weekly timeframe, the leading cryptocurrency is down 2.85% this week, which depicts the intensity of the downtrend.
The ETH/BTC pair shows Ethereum's strength against Bitcoin. The following chart shows that the crypto pair has been trading sideways since June 2023 in a narrow trading range. The bottom of this trading range lies at 0.0605, and the top lies at 0.0645. Currently, the pair is retesting the mid of the trading range, which might act as a support level.
In case of a breakdown below the 0.0624 level, the next stop would be the range lows of $0.0605. For Ethereum price prediction to turn bullish, ETH must break above the range highs of 0.0645 soon. A failure to break above this level could send the leading L1 asset to its fresh yearly lows in the coming months.
According to the latest Ethereum news, the former president of the United States, Donald Trump, has been revealed to be holding $2.8M worth of ETH. The digital assets held inside his Ethereum wallet are much more than the previously disclosed figure of $250,000 to $500,000.
Most of the cryptocurrency in the wallet has been received through licensing fees from the Trump NFTs collection. The former president launched his NFT collection, Trump Digital Trading Cards, in December 2022. Till now, 14,303 ETH worth of these NFTs have been exchanged on the NFT marketplace Opensea.
A look at the following chart reveals that the Ethereum price is currently hovering within a significant demand zone. Price has retested this demand zone multiple times, resulting in solid rebounds. However, the support level is likely to break soon if the selling pressure keeps increasing in the coming days.
A breakdown below the $1,780 level will be very bearish for ETH price. Therefore, the bulls need to hold this level. On a higher timeframe, the biggest resistance remains the $2,100 level, which has resulted in multiple rejections this year. Close attention must also be given to the BTC price action, which precedes the altcoin price action.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
