- Ethereum price has decreased by 11.8% in the previous week.
- It had gone up past $2,100 due to the Shanghai upgrade.
- At the time of writing, it is trading at $1,855, nearly $300 lower than the post-Shanghai highs.
The cryptocurrency market is presently in a delicate state, brought about in large part by the increasing possibility of a global recession. There has also been an ongoing rise in inflation rates and instability in the stock market.
The top cryptocurrencies have been particularly affected in the crypto space, with Ethereum going back to levels lower than its pre-Shanghai prices and Bitcoin dropping under the $28k mark. The total crypto market cap has also dropped from its peak of $1.25 billion on Thursday, April 13.
Ethereum Price Levels To Consider
The sudden price decrease has left ETH investors/traders pondering about what the future has in store for Ethereum, especially since the Shappella update was thought to be a major game changer for the second-largest crypto in terms of market cap. Most are now left wondering if the currency is able to recover from this setback.
Ethereum has already gone past its first support level at $1,896. But, at its current price of $1,855, it is still too early to decide if the bearish breakout is true or false.
If today’s candlestick closes lower than yesterday’s low of $1,913.60, then there is a high possibility of a further decrease towards the next major support level at $1,846, which would suggest that the currency will remain in a bearish trend till the end of the week.
If the price closes higher than $1,900 today, it could lead to a bounce back towards the $1,930 price zone on the following day.
Looking at the medium-term outlook, Ethereum’s price has gone back to the middle of an expansive trading range as sellers take control while the price remains below the $2,000 point. This is an indication that the currency will face continuing pressure, making it hard to restore its earlier bullish movement.