Ethereum dropped below $2000 yesterday. Ethereum previously dropped below $2000 at the end of June. However, Ethereum's price is not the only one under pressure. TOP 10 cryptocurrencies are declining today. The largest price drops are seen in Polkadot, 7%, and XRP 4,2%.
Major cryptocurrencies dropped below critical support levels. Bitcoin price dropped below $33000, Ethereum below $2000, XRP below $0,60. Analysts attribute the decline in the cryptocurrency market to inflation in the United States. Yesterday, the US Department of Labor released data on the Consumer Price Index for June. The index rose to 5,4%, hitting a 13-year high in June. As a result, the data also had an impact on Wall Street, where bears took control of trade yesterday.
On the price chart, the ETH/USD pair is trading below the level of $2000, showing bearish signs and risks of falling to the area of $1800. However, it is worth noting that from the morning the bulls are trying to raise the price above the key level of $2000, and they even managed to raise the price above the intermediate resistance levels of 1910 and 1940.
The $2000 level continues to act as key resistance for the ETH/USD pair. However, a daily close above the $2000 level is required to activate the bulls. In this case, we will see an acceleration in the growth of the Ethereum price and a movement towards the area of the next resistance of $2075.
However, if the strength of the bulls is quickly exhausted, we may see a continuation of the price correction towards the support level of $1850. Moving below this level will trigger new sales. As a result, the ETH/USD pair may drop to the area of $,800. If the bulls do not stop the bears at this level, they will be forced to catch the Ethereum price around $1750.