Ethereum price is constantly facing rejections in an attempt to slice through the immediate highs above $1750. The recent upswing had raised the heat that escalated the price beyond $1800 but woefully, the price again fell below $1700 manifesting the resurgence of the bears. Additionally, the price also dropped below the 50-day EMA levels which should be a matter of concern.
ETH price recently made its lows below $100. However, a quick rally enabled the price to retest the $1,200 level. Currently, the price is attempting to retest the lost levels above the $1750 level. However, the price is likely to face a tough decline to test the $1600 level soon.
As per the analyst, the Ethereum price has been constantly testing the resistance. Therefore, a rejection from the current levels may drag the pice lower by another 10% to 13% to mark the cycle lows. However a significant rebound always follows the rally when it reaches the bottom and uplift the price beyond consolidation.
Collectively, there was a massive drop in the price of Ethereum as the price of Bitcoin fell below $24,000. While some assets remained in a consolidated trend. Therefore, Ethereum (ETH) price could move higher in the coming day, but a notable pullback that could offer a slingshot action to move higher
