The bears have yet again capitulated the crypto space as the weekend is approaching. While Bitcoin price is feared to hold certain support levels strong, the Ethereum price has ignited a bearish trend too. Moreover, the price has already slashed below the crucial support levels and is now feared to plunge towards $2500. Yet some bullish scenarios do occur that could prevent the price from shedding huge gains but until and unless a massive influx of liquidity distances itself, ETH price may also distance from the rally.
The Ethereum price has now slipped from the important support levels by facing constant rejections at regular intervals. The support and the resistance were lowered drastically and hence compelling the price to maintain a choppy trend. The price has already bounced several times from the descending trend and hence a clear bearish pattern is popped out.
As per the path laid by a well-known analyst, as the price faced constant rejection at the lower resistance, a clear path beneath $2600 is quite possible. At present, the price is testing the pivotal zones very close to $2600 and hence carry a huge possibility of rejection yet again. If the price gets rejected here, then it may also fail to sustain above $2500 and hit the $2483 support levels.
While the crypto space is constantly attempting to sustain during the trembled situation, bears show no mercy by bragging in at frequent intervals. However, it has to be noticed that the previous impulse up and the impulse down carry huge intensity and length compared to that of the current impulse up. And hence the Ethereum(ETH) price may witness a minor plunge much above the monthly lows close to $2200 levels. Further, depending on the volume, the price may either maintain a decent uptrend or chop around $2500 or $2600 levels.