What is Ethereum (ETH) Doing Right Now?
Ethereum is currently trading around the $1,065 mark and is struggling to hold the support at $1,050. The price has been struggling to gain momentum for the past few days, and we can expect ETH to drop lower in the immediate short term. We can also notice that the price broke below $1,050 yesterday, but the bulls managed to reclaim it in no time. However, the price has been going sideways just above the support for the past several hours and will likely break down once again. Let’s take a quick look at the latest 1-week charts for Ethereum to see where the price could be headed in the coming weeks.
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Analyzing the Charts
If we take a look at the latest 1-week charts for Ethereum, we can see that the price is currently trading below crucial support near $1,650.
ETH broke below this support a few weeks ago, and since then, it has been moving within a downtrend. The price has mostly been going sideways for the past three weeks, but it will likely break below soon.
The support we are now eyeing for Ethereum on the 1-week timeframe is the $800 mark.
The $800 level is the price zone where we saw price struggle in mid-2018, and it was also the last top before ETH entered a bear market.
It would be interesting to see how the price reacts to this level. Ethereum could bottom out around the $800 mark if Bitcoin starts to make a recovery soon. However, breaking below $800 is also possible in the mid-term.
Conclusion: What is Next for Ethereum (ETH)
Ethereum is currently struggling to gain momentum and could drop further in the coming days. We are also entering the weekend, and it is likely that the price will drop below $1,000 soon. Right now, we would not be interested in placing any trades on Ethereum and will wait for the price to move closer to our major support/resistance levels.
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