Strong Ethereum (ETH) price the rally recently hit the wall. ETH surged to an all-time high of $ 2,145 this week before canceling out some of those gains. It fell to $ 1,925 yesterday, the lowest level since April 1. Its market cap is now $ 233 billion, according to data compiled by CoinMarketCap.
What happened: Ethereum saw a strong rally in the past year, fueled by low interest rates and general interest in digital currencies. ETH has also helped a great use case, especially in the Decentralized Finance (DeFi) industry, which has a total locked-up value of over $ 50 billion (TVL).
In addition, more and more developers are creating applications on the Ethereum network, which benefits the network. This year alone, Ethereum’s price has surged more than 180%, beating Bitcoin, which has doubled in price.
Ethereum fell yesterday as many bulls took profit as the coin found strong resistance at its all-time high. Indeed, in the past, the price of major cryptocurrencies tended to decline after reaching the highest level when investors were taking profits.
In addition, the price of Ethereum is falling as more experts call for industry regulation. In a statement yesterday, Jamie Dimon of JP Morgan called on regulators to tighten the screws in emerging industries like DeFi.
Ethereum price prediction
The four-hour chart shows that the price of ETH found strong resistance at its all-time high of $ 2,145. On the four-hour chart, price has formed what looks like a double top pattern, which is usually a bearish sign. Today the currency is trying to rebound and is now 5% above its lowest level of yesterday.
It is also supported by short-term and long-term moving averages. In my opinion, I still believe that the Ethereum price will rise to $ 2,500 soon. To do this, the bulls will need to break the top of the double top pattern at $ 2,145. At the same time, a break below yesterday’s low of $ 1,932 would signal that there are more bears ready to push it lower.
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ETH price chart