Nidhi Kolhapur
Early on May 15, the global crypto market cap remained unchanged at $1.28 trillion. This week, the price of Bitcoin, the world’s largest cryptocurrency, fell to roughly $25,420, its lowest level since December 2020.
Bitcoin has lost around 37% of its value this year. Ethereum (ETH) is currently trading at a 10-month low, along with several other major cryptocurrencies. Other cryptos have suffered the same fate, with Ethereum down by 44% this year.
On Saturday, the price of Ethereum moves in a relatively narrow range with no evident directional bias, while the asset remains in the red.
Following the big sell-off, the relief rally pushed the cryptocurrency back above the $2,000 threshold. Even still, the asset’s downside pressure remained intact.
Will ETH Price dip to $1,000 level?
The current price of ETH is $2,000, which is barely over the previous candle’s settling price. Early buyers could be surprised in the coming days if the price continues to drop in a freefall pattern towards $1400.
If the technicals are right, Ethereum might stage a countertrend rebound before plunging much lower towards the $1,000 price range.
The price of Ethereum has seen a large surge in bearish volume, significantly complicating the $1,000 price target.
On the volume indicator, the bears have printed a traditional ramping pattern, which can be used to forecast future drops. If the technicals are true, there may be a chance to short Ethereum in the coming days.
A breach at $2,660 invalidates the bearish downtrend if the bulls can breach this level. The bulls might then aim for a price goal of $3,000, which would represent a 33 percent increase over the current Ethereum price.
