The Executive Order from the Biden government is lacking behind to bring on the expected momentum in the crypto market. The gains expected have not reached creating hassle among the investors in the market.
Ethereum failed to break through $2,780 which is an indication of the downward trend. Investors are still expecting an upward trend based on the current announcements. ETH needs to maintain a minimum of $2,570 to witness the much-expected upward trend.
Correction lower than expected for Ethereum
Since January 24, the price of Ethereum has made three lower highs and two higher lows. By analyzing the distance between the initial swing high and low, this technical pattern predicts a 34% move in either direction.
The price of Ethereum has risen beyond $2,700. Even though ETH broke through the $2,750 barrier level, the next level is comparatively stiff and is at $2,780.
A high was set at $2,775 and the price began to decline to the downside. Crossing the $2,700 and $2,650 marks a break in the prices is expected. The price of ether can fell below $2,650. In that case, when the price fell below the 50% Fib retracement level, investors can expect a low of $2,445 to the high of $2,775.
Major resistance levels witnessed
The Ethereum price started to display a declining trend with some major resistance levels. These levels are the symbol of an expected positive trend that the investors can look forward to. Near the $2,650 level, the first substantial resistance is spotted.
The next major resistance level is near $2,780, above which the price may accelerate higher. In the aforementioned scenario, the price might jump to $2,880, as reported by NewsBTC.
Expected losses in Ethereum
Though the resistance is giving rise to the positive trend, yet few more downfalls and losses are expected at the price of Ethereum. If ethereum fails to get beyond $2,650, it may continue to fall. On the downside, at the $2,570 mark, there is some early support.
The next significant support level is at $2,550. If the price falls below the $2,570 and $2,550 support levels, the price may fall much more. In the above scenario, the price might rise to $2,445.