ETH Price Analysis: Bears Attempt Another Low Below $2K as Ethereum Mining Difficulty Sets a New Milestone

• ETH might update one week’s low above $1,700 before the next rebound
• As of this analysis, Ethereum (ETH) is changing hands at $1,797
• Ethereum’s network has become more profitable to mine over time

Ethereum (ETH) returned to a bearish mode after Monday’s dynamic bullish breakout past the $2,000 psychological zone. ETH fell sharply within a local downtrend channel, with prices trapped within its borders at $1,700 and $2,000. Ethereum has lost 0.58% in the past 7 days and gained $0.56 in the last 24 hours. The ETH/USD pair has almost returned to where it was at the end of the prior week at $1,750. ETH might update its one-week low above $1,700 before the next rebound might ensue and continue the rising momentum. As of this analysis, Ethereum (ETH) is changing hands at $1,797, per data provided by CoinMarketCap. Reports from Glassnode show Ethereum Mining Difficulty just reached an ATH of 15,703,436,743,435,700. The Ethereum network hashrate can be used to visualize gains and reductions in the Ethereum mining hashrate. Ethereum’s network has become more profitable to mine over time. This appears to draw in a larger number of miners, resulting in a higher network hash rate.

Key Levels
Resistance Levels: $2,500, $2,300, $2,000
Support Levels: $1,700, $1,500, $1,300

ETH/USD Daily Chart: Bearish

ETH/USD Daily Chart

ETH/USD is on an attempt to hit last week’s lows of $1,700. If the bulls reclaim control, immediate resistance might be found at the $2,000 level. The area between $2,165 and $2,300 could be the next objective, while a close above the daily moving average (MA 50) at $2,400 could lead to even bigger gains.

The horizontal support zone at the $1,700 level could be crucial on the downside. If the cryptocurrency falls below that level, perhaps even breaking the floor further, all eyes will be on the next lower region of the $1,500 level. If the latter fails to recover, another bearish extension is possible.

ETH/USD 4-Hour Chart: Ranging

ETH/USD 4-Hour Chart

The ETH/USD 4-Hour chart might start a fresh increase near the $1,700 support zone against the recent bears. The pair might surpass the moving average (MA 50) at the $1,840 level to move into a positive zone. On the upside, the pair might struggle near $2,000. The next major resistance is near the $2,200 level.

The next key support remains near the $1,700 level and below, the pair could decline towards the $1,500 level in the near term. Nearby resistance might be found at around $1,900 in the short term, while a drop below $1,700 is predicted to reintroduce sellers.

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