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Ethereum Trades at 2023 Levels

Ethereum continues to trade within its "make or break" levels, with some market watchers suggesting it will continue to move sideways before another major move.

After closing its worst Q1 since 2018, Ethereum continued moving sideways, hovering between the $1,775-$1,925 price range. Amid last Monday’s recovery, Ethereum traded only 6% below its monthly opening, eyeing a potential positive close in the monthly timeframe.

Nonetheless, the cryptocurrency fell over 10% from last week’s high to close the first quarter 45.4% below its January opening and 18.6% from its March opening. Moreover, it registers its worst performance in seven years, recording four consecutive months of bleeding for the first time since 2018.

Daan Crypto Trades noted that ETH is "still trading in no man’s land" despite its recent attempts to break above its current range. In early March, Ethereum dropped below the $2,100 mark, losing its 2024 gains and hitting a 16-month low of $1,750.

More Chop Before ETH’s Next Move?

Analyst VirtualBacon considers that Ethereum will continue to trade within its current price range for the time being. He explained that ETH’s price has fallen to retest the last bear market resistance levels, as it has erased all its gains since November 2023.

The analyst considers this zone a "good value range" but doesn’t expect the cryptocurrency to break out "right away." However, he added that a bullish breakout is "simply a matter of time" in longer timeframes.

Conclusion

Ethereum’s performance in the cryptocurrency market has been underwhelming, with the price hovering between the $1,775-$1,925 range. While some market watchers suggest that the cryptocurrency will continue to move sideways before another major move, others believe that a bullish breakout is imminent.

FAQs

Q: What is the current price of Ethereum?
A: As of this writing, Ethereum trades at $1,903, a 6% drop in the weekly timeframe.

Q: What is the market sentiment around Ethereum?
A: The market sentiment around Ethereum is mixed, with some analysts suggesting that the cryptocurrency will continue to trade sideways before another major move, while others believe that a bullish breakout is imminent.

Q: What are the key levels to watch for Ethereum?
A: The key levels to watch for Ethereum are a breakdown below $1,750 or a breakout above $2,100.

Q: What is the impact of the Fed’s decision on Ethereum’s price?
A: The Fed’s decision has a significant impact on Ethereum’s price, with many analysts considering it a key factor in the cryptocurrency’s performance.

Q: What is the role of institutional demand in Ethereum’s price?
A: Institutional demand plays a significant role in Ethereum’s price, with many analysts considering it a key factor in the cryptocurrency’s performance.