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Ethereum (ETH) has fallen below $2000 once again. The coin had managed to post some gains after bottoming at $1700 a few weeks ago. However, that upward momentum has slowed, and we may see some decline. But this is not necessarily something to worry about. Here are some key points:
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The recent decline below $2000 doesn’t appear to be strong
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ETH will likely rebound almost instantly in a few days
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The coin will regain $2000 and trigger a buying frenzy that pushes ETH to $2400
Ethereum price analysis and prediction
After falling to $1700 just two weeks ago, ETH has managed to hold out. There were worries that the coin would touch $1000 in what could have been its worst downtrend this year. However, ETH quickly recaptured $2000 but has since lost it again. In fact, over the last 7 days, the coin has struggled to maintain the price above the $2k mark.
However, we expect this time round things to be different. Although ETH is slightly below $2k, the coin will likely regain this important threshold in the days ahead. This will send a crucial bullish signal that will likely trigger demand for ETH. The coin will shoot up to $2400 before it slows.
But there are some important risks. For example, if the current fall below $2000 turns out to be more serious than expected, this thesis becomes invalidated. If anything, failure to hold the $1800 support could push ETH toward $1500 in the short term.
How to profit from ETH in the short term?
The long-term value of Ethereum has never been in doubt. But short-term volatility will be here for the rest of the year.
The best way to profit right now is to buy once the price consolidates above $2000. But if you are not sure about the possible risks, you can watch the coin and see if it breaks $1800. Once this happens, $1500 will be a great entry point.
The post Ethereum (ETH) could target $2400 despite falling below $2000 again appeared first on CoinJournal.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.