Ethereum prices are facing repeated rejections as they try to break above recent highs above $1,750. The recent rally generated heat, lifting prices above $1,800, but sadly, prices have fallen below $1,700 again, indicating a return of the bears. Also, prices have fallen below their 50-day moving average, which should be a cause for concern.
ETH prices recently fell below $100. However, a quick rebound brought the price back above $1,200. Prices are now trying to recoup losses above $1,750. However, the price is more likely to fall soon to test $1,600.
According to analysts, Ethereum prices have been testing resistance. So a rejection at current levels could send prices down another 10 to 13 per cent to mark the cycle low. However, there is always a significant rebound when the rally reaches a bottom and pushes prices out of the consolidation.
Overall, Ethereum fell sharply as bitcoin fell below $24,000. And some assets to maintain consolidation trend. Hence, Ethereum (ETH) prices could rise to high levels, but a pronounced pullback could provide catapult action to move higher.