Has the Ethereum price bottomed yet? The cryptocurrency world continues to reel from the latest crash and many are wondering where the bottom will finally settle. In times like these it is always safe to accumulate at levels where you believe there are sound fundamentals and Ethereum is definitely a coin that’s a safe haven.
However, this is definitely the steepest market crash ever and as the old maxim goes, ‘what goes up – must come down’. This happens even faster sometimes. But is Ethereum back on the rise?
ETH price: current situation
Ethereum has broken the psychologically significant $2000 support level so the future is currently slightly murky, at least for the next few days.
Bearish sentiment may continue to prevail for a while, so ETH may test the $1500 level although that appears to be a remote possibility as it would continue to trigger further downside sentiment. At present, ETH is trading at just under the $1900 mark and seems to be stable at this point.
Ethereum price short-term prediction
In the next few days, ETH may test the 1700-1800 levels although there seems to be support at $1800. However, a bullish upswing could cause the price to rise above $2000 quite fast and this should make it go all the way back up to the $2200-$2300 levels.
The most likely scenario would be a smallish dip to the $1800mark and then a bounce all the way up to $2000 and settling there.
Ethereum price long-term scenario
Ethereum’s price does appear to be settling to just under the $2000 level for some time. However as always, market announcements and sudden situations could give rise to a different scenario with the price varying substantially.
The general consensus is that ETH is well supported at around the $1700 level and should not decline any further. However bearish market sentiment is currently affecting the market and practically all gains since the beginning of the year have vanished.
ETH/USD: Bears Still Prevailing
With the current market situation at the very least 50% off the all-time highs of just a month ago, the future may look slightly shadier on a short-term level. However, with Ethereum’s strong presence in EC-20 tokens, DEFI exchanges and other projects, the long-term viability of the smart contract system is here to stay. With increased institutional investors coming on board, the price should start its journey up again very soon.
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Gerald Fenech
