Ethereum price is plunging after the Dencun upgrade
Updated
Hi everyone,
Ethereum price rose above 4000 level prior to the Dencun upgrade and started to fall afterwards. Ethereum price already dropped for almost 25% from the local high and there is possibility that it can go below 3000 level for a short period of time.
There is 3200 - 3000 support area from where price is bouncing back but there is possibilty that price can break that area and plunge below. In this scenario most likely price can touch upper boundary of 2700 - 2600 support area which will be sweet spot to buy Ethereum in long term.
I remind that roughly in two weeks time Bitcoin halving event will happen and historicaly real alt season started afterwards. Even if there will be some deeper correction on Bitcoin after the halving it won't last for a long period of time and even if Ethereum price drops below 2700 support it won't stay there for too long.
Please, do not forget to boost this idea & share it with your friends; thanks.
Ethereum price rose above 4000 level prior to the Dencun upgrade and started to fall afterwards. Ethereum price already dropped for almost 25% from the local high and there is possibility that it can go below 3000 level for a short period of time.
There is 3200 - 3000 support area from where price is bouncing back but there is possibilty that price can break that area and plunge below. In this scenario most likely price can touch upper boundary of 2700 - 2600 support area which will be sweet spot to buy Ethereum in long term.
I remind that roughly in two weeks time Bitcoin halving event will happen and historicaly real alt season started afterwards. Even if there will be some deeper correction on Bitcoin after the halving it won't last for a long period of time and even if Ethereum price drops below 2700 support it won't stay there for too long.
Please, do not forget to boost this idea & share it with your friends; thanks.
Note
Ethereum price is reaching resistance level at 3680. There is a good chance that ETH will manage to break it in case if Bitcoin continues to rise.
Note
Ethereum price is recovering after recent fall and currently is trading within 3060 - 3200 support area.That recent price drop was very good buying opportunity as there is higher probability for growth than to decline.
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