Ethereum price has been bullish ever since the beginning of the year but has undergone minor swings, lower compared to that of Bitcoin. While BTC price soared by more than 45%, ETH price managed to rise by 30%. Now that the star crypto is believed to ignite a fresh bullish wave, ETH price is assumed to undertake a trend reversal. The price is believed to spark a bearish wave which may drag the price slightly lower.
The ETH price has rallied nearly 30% in the past 10 days, which appears to have set up a trap for the bulls. The bewildering trend, which was mainly due to the bearish divergence witnessed on the momentum indicators, kept the investors away for a while and compelled them to enter after some time, due to which, they may feel the heat very soon.
The price has risen above the interim resistance at $1777, but it appears that it may soon lose its grip over the bull market. Therefore, a drop may be triggered that may drop the price toward the lower support level close to $1600. However, this may offer the opportunity for the traders to enter, which may induce significant buying pressure that may trigger a notable rebound in the coming days.
With a rebound, the price may quickly rebound and rise beyond $1900 initially, which may pave the way for the asset to test the psychological barrier at $2000. However, the price may face a couple of hindrances but the bulls may make hold the price and ignite a fine upswing soon.
On the contrary, if the ETH price fails to hold at the support levels close to $1600, then a notable drop may compel the price to drop below $1500 which may invalidate the bullish thesis,
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