Ethereum price holds above $2,000, but has the bottom already been reached?

Over the last week we have mainly given Bitcoin (BTC) the necessary attention. But amid all the volatility, a lot has also happened for altcoins. This also applies to Ethereum (ETH), the king among the altcoins, which briefly fell to $ 1,800 last week. What can we expect now? Technical analyst Erik Juffermans from Newsbit is trying to map this out.

Price holds above $2,000

The ETH price currently seems to be holding steady just above the $2,000 mark. This is an important psychological level. We saw the price drop back to close to the $1,800 level. We also saw the daily RSI drop very deeply.

Almost every time the daily RSI dropped this low, it marked a bottom in the past. The very high volume confirms the willingness of buyers to enter below $ 2,000.

Weekly graph provides clarity

The weekly graph provides a lot more clarity. What we immediately see is that the recent dip to $1,800 was no coincidence. The price exactly touched a diagonal support line that has been significant since the summer of 2022.

We also see a very low RSI, just like on the daily chart. In the past, this also always meant a bottom on the weekly chart. However, this may take time. A few weeks, for example. It would therefore not be a surprise if the price returns to the zone around $ 1,800 at some point.

But we should also keep an eye on the $1,550 level. This level is the bottom of the channel where the price has actually been trading since the spring of 2023. If the price drops to that zone, it would be a very good entry point for patient buyers. We will have to wait and see whether the price will actually drop that low.