Ethereum Price Prediction: Is $1,780 the Next Major Support Level?
After failing to break above the $1,900 resistance mark, the price of Ethereum (ETH) is retesting a major demand zone. On Thursday, the smart contract cryptocurrency is trading at $1,787 as the altcoin sell-off escalates. According to the most recent technical analysis, time is running out for the ETH maxis as the price hangs by a thread.
On Thursday, the price of ETH to USD fell to $1,775 before briefly recovering. This was the lowest level for the top L1 platform’s native asset since June 21st. On a weekly basis, the leading cryptocurrency is down 2.85% this week, indicating the severity of the slump.
Ethereum Price Prediction
A look at the chart below illustrates that the Ethereum price is now in a significant demand zone. Price has often retested this demand zone, resulting in strong rebounds. However, if the selling pressure continues to build in the following days, the support level is likely to be breached soon.
A break below $1,780 will be quite unfavourable for the ETH price. As a result, the bulls must maintain this level. On a longer horizon, the $2,100 level remains the most significant resistance, resulting in numerous rejections this year. Attention must also be paid to the BTC price activity, which comes before the altcoin price action.