{"id":133459,"date":"2021-07-27T08:45:31","date_gmt":"2021-07-27T08:45:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=133459"},"modified":"2021-07-27T08:45:31","modified_gmt":"2021-07-27T08:45:31","slug":"ethereum-price-is-correcting-gains-eth-price-should-defend-2-3k-level-to-prevent-a-dive","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-price-is-correcting-gains-eth-price-should-defend-2-3k-level-to-prevent-a-dive\/","title":{"rendered":"Ethereum Price Is Correcting Gains! Eth Price Should Defend $2.3k Level to Prevent a Dive"},"content":{"rendered":"
The Crypto market after a great run yesterday has tumbled down again. Following BTCs dive from $40k to $36.2K, most top altcoins have also retraced heavily. This comes as Amazon has denied reports regarding the acceptance of Bitcoin by the end of the year.\u00a0<\/p>\n
In tandem with the entire crypto market, the leader of altcoins ETH has also plunged. Ethereum started a bullish rally yesterday as it surged above the $2000 level and the 100 hourly SMA. ETH rallied to a high of $2419 yesterday before starting the correction.<\/p>\n
Ethereum faced sell pressure at the $2400 level and started tumbling down. The support levels at $2320 and $2250 were breached. ETH fell to a swing low of $2145 this morning.<\/p>\n
Also Read: Ethereum Price to Break Past the $2400 Mark Soon, How High Will $ETH Price Go?<\/em><\/strong><\/p>\n The token is now trading at $2206 down by 6.1% in the last 24 hours. <\/p>\n The immediate resistance is stationed at $2,250 and $2,300 further. A daily close above $2300 will be needed to validate an uptrend. In case of a further dip, the immediate support is at $2210. Further, the major support is at $2080. The $2000 support will be back in play if ETH fails to hold on to the support levels.<\/p>\n On the four-hour chart, ETH is forming a rising wedge formation, this means more correction is likely. Adding to the bearish thesis are the technical indicators. The RSI and MACD both hint at a bearish signal. <\/p>\n Brian Kelly, the Founder & CEO of BKCM LLC, a digital currency investment firm, made a bullish case for Ethereum in an interview on CNBC Fast Money.<\/p>\n He said, that the imminent “London” hard fork, which includes the much-discussed EIP 1559, will drastically alter Ethereum’s monetary policy.<\/p>\n As Bitcoin breaks back above $40K @BKBrianKelly breaks down what's behind the big bounce $BTC pic.twitter.com\/38mDxEg54n<\/p>\n The update will make ETH deflationary and capped supply is always good for the price he added. <\/p>\n You\u2019ve got everything in the world that is built on Ethereum. You\u2019ve got DeFi, NFTs, all of that. Plus, a new monetary policy is coming up. Plus, potentially, tailwinds from just adoption of this as an asset class. And to me, that was pretty good for Ethereum.\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n
\n<\/p>\nBrian Kelly makes Bullish Case for Ethereum<\/h2>\n