Ethereum (ETH) is one of the top cryptocurrencies that is affected by the recent dip. It is presently trading at $2430.68 with a 24-hour decrease in the price of 0.53%. Its lowest and highest price at the time of writing in the past 24-hour according to CoinMarketCap is $2,206.76 and $2,464.46 respectively. However, one of the major key support levels for Ethereum is the $1,800. We shall discuss the possibilities in the price of ETH if it dips to this point as seen in the chart below. From the chart above we can deduce the following if Ethereum gets to the $1800 main support level:
A triple bottom will be formed. Since the chart pattern is a very top confluence to consider in trading a cryptocurrency or digital asset, we should expect the price of ETH to reverse and surge to about $3,022.98 at the resistance1 level, as seen from its recent performance on the chart.
Since, there are possibilities that analysis might not go through irrespective of the strong reasons that support it, the price of Ethereum (ETH) might dip further to about $1,282.96 at the support level before getting a bullish reversal. This reversal will be due to the action of traders and investors to buy before the next surge.
There could be price action at resistance1 before the market could take the following directions:
Surge further to close to $3,600 in reaction to more buying pressure from long-term investors and fund managers.
Decrease to support1 level at about $2,340.2 before getting a bullish reversal from its recent performance.