• Ethereum is currently correcting after attempting to clear the $1600 level
• A flip may be registered once the asset plunges slightly below $1500
• A minor consolidation may be expected for a while between $1512 and $1548 which may assist the bulls to accumulate some strength
The second-largest cryptocurrency in the world, Ethereum, has been going through a rough patch as of late. After reaching a high of $1610, the price crashed back down to around $1480, and then further plunged below the $1500 mark. This has caused a lot of concern among investors, as Ethereum had been making an effort to break past the psychological $1600 barrier.
However, the bears were too strong and they managed to push the price downwards. Now, Ethereum is attempting to find some stability and it looks like it is finding some support at the $1512 and $1548 levels. This may assist the bulls in regaining some momentum, and if they are successful, then a notable upswing may be expected, with the possibility of the price reaching as high as $1650.
On the other hand, if the bears manage to push the price below $1500, then it could open the doors for a bigger decline. In such a case, investors should remain cautious and look for buying opportunities at more attractive prices.
Overall, Ethereum has been going through some tumultuous times and it is still unclear which direction the price will go next. Investors should take into account the current market dynamics and make sure that they are well-prepared for whatever may come next.