Ethereum‘s price is currently trading above $1,100 after bouncing off from $1,028 levels, a couple of days before. While some signs of recovery were witnessed since the early trading hours, the markets yet again tumble down. As Bitcoin again slips below $20,000, ETH price is also anticipated to drop significantly. However, if the second-largest crypto successfully holds $1100 until the day’s close, some possibilities of a rebound may be expected.
The ETH price is currently trading within an ascending triangle and hence is constantly rebounding from the lower support. On the other hand, the consecutive rejections at $1163 have also raised concerns over the rally. With the fresh rejection, the asset may again plunge below $1100 and test the bottoms at $1060. The asset may attempt to rebound from these levels to keep up the bullish momentum.
However, the asset may certainly fail to maintain $1100 until the day’s close! A huge influx of the asset into the exchange is been witnessed in the past couple of hours. Therefore raising the speculation of the bulls and whales dumping on the asset to incur small profits.
In such a case, the ETH price may fail to lay down a healthy recovery back above $1200 levels, anytime until the end of this week. Consequently, compelling the price to trade below $1100 but above $1000 for another couple of days ahead. Although the Ethereum(ETH) prices are still hovering within a bullish ascending triangle, that may elevate the prices beyond $1200 very soon.