• Ethereum price has dropped by 11.8% over the last week, trading at $1,855.
• The global cryptocurrency market cap has been on the decline since hitting a high above $1.25 billion on Thursday, April 13th.
• ETH is struggling to regain its previous bullish momentum and is facing continued pressure below the $2,000 level.
Ethereum (ETH) Price Decline
Ethereum’s price has dropped by 11.8% over the last week, trading at $1,855. This was after it had surged above $2,100 following the Shanghai upgrade. The global cryptocurrency market cap has also been declining since hitting highs of above $1.25 billion on Thursday, April 13th.
Market Fragility
The crypto space has been quite fragile lately due to an increased threat of an economic recession combined with persistent high inflation and fluctuations in the stock market affecting the top cryptocurrencies like Ethereum that have declined back to pre-Shanghai levels and Bitcoin dropping below $28k.
Key Ethereum Price Levels
Ethereum price has already dropped past the first support level at $1,896 but it is still too early to determine whether this bearish breakout is genuine or false. If today’s candlestick closes below yesterday’s low of $1,913.60 then there could be a high likelihood of further declines towards another significant support level at $1,846 which will maintain a bearish trend until the end of the week unless it closes above $1,900 today triggering a bounce back towards the $1,930 price zone tomorrow.
Midterm Perspective
From a midterm perspective, Ethereum’s price has retreated to within a wide trading range as sellers take control and it remains below the key resistance level of $2k making it difficult for it to regain its previous bullish momentum .
Conclusion
Overall ETH investors/traders are wondering what future holds for Ethereum’s price especially since Shappella upgrade was seen as game changer for second largest cryptocurrency by market cap and if current bearish trend persists then prices could further drop before recovering again anytime soon in near future