The second-largest cryptocurrency in the world by market capitalization, Ethereum (ETH), is currently on a knife-edge as the most recent price movement failed to inspire investors with a bullish sense of optimism. The price of ETH has been erratic over the last few weeks, with highs that seemed hopeful but inexorably led to depressing lows. The bulls have so far failed in their attempts to penetrate the barrier. Will the price of Ethereum continue to drop? is the question on everyone's mind right now when it comes to cryptocurrencies.
Will Ethereum Recover?
The liquid staking platform Lido Finance, which runs on Ethereum, presently keeps 452,710 ether in reserve for withdrawals. Notably, 94.5% of this sum is being claimed by the insolvent cryptocurrency loan business Celsius. Although the effects of this ETH withdrawal are not yet obvious, it is anticipated that there will likely be more sell-side pressure on this alternative cryptocurrency.
The 4-hour price chart shows that the price of Ethereum has fallen significantly today after hitting resistance close to $1,838. Quickly falling below, the 38.6% Fib level, the price is now trading at $1,797, down more than 2% during the last 24 hours.
Indicating that buyers are losing control, the RSI level has fallen well below its midline. If bulls are unable to hold the $1,760 mark, another bearish trend for the price of ETH may start. However, if there is a strong optimistic emotion and a breakout above $1,840, which may push the ETH price above $1,900, a pullback may happen.
Reference from Coinpedia - https://coinpedia.org/information/market-price-prediction-ethereum-2019/