Ethereum price is constantly facing rejections in an attempt to slice through the immediate highs above $1750. The recent upswing had raised the heat that escalated the price beyond $1800 but woefully, the price again fell below $1700 manifesting the resurgence of the bears. Additionally, the price also dropped below the 50-day EMA levels which should be a matter of concern.
The ETH баасы recently made their lows below $100. However, a quick rebound enabled the price to regain the levels above $1200. Currently.,the price is attempting to regain the lost levels above $1750. However, the price is more likely to drop hard to test $1600 soon.
As per the analyst, the Ethereum price has been constantly testing the resistance. Therefore, a rejection from the current levels may drag the pice lower by another 10% to 13% to mark the cycle lows. However a significant rebound always follows the rally when it reaches the bottom and uplift the price beyond consolidation.
Collectively, Ethereum price dropped hard as Bitcoin prices fell below $24,000. While some asset maintained a consolidated trend. Therefore, the Ethereum (ETH) price may rise high incoming daya but a notable pullback that may offer a catapult action to move higher
Source: https://coinpedia.org/price-analysis/ethereumeth-price-appearing-weak-may-retest-1600-claims-micheal-van-de-poppe/