Is it a bull? Is it a bear? Ethereum price charts are currently at an important level that may determine their short-term future. Altcoin leaders have recently witnessed their value collapse within the descending channel. As shown in the ETH / USD chart below, the price drop on June 27 was 7%, going from $ 1,249 to $ 1,160.
However, prices quickly broke out of the bearish pattern and buying pressure pushed up ETH values by 6.55% on June 28th. This buying pressure could not be sustained as prices began to move between immediate resistance at $ 1,236 and support at $ 1,220.
The chart above highlights the key role played by the previous Ethereum $ 1,220 support. The orange circle points to the point where Ether’s price failed to sustain this support and fell to $ 1,214. Current price levels have also witnessed rising sales pressure. If Ethereum continues to sell, it can fall below $ 1,214 and can only stop at $ 1,182 with the following support:
Reportedly, this buying pressure was seen on cryptocurrency exchange Binance, among other centralized exchanges. It was speculated that an anonymous whale or prominent investor was behind the sudden rise in the value of Ethereum.
Ethereum gas reaches the lowest point
The bear market was tough for Ethereum and other markets. With the intervention of bears, the value of digital assets collapsed from a record high of $ 4,808 to a 75% off to a low of $ 1,030. With monetary policy tightening and the declining cryptocurrency market, the Ethereum ecosystem has witnessed, per Grassnode, the worst of events leading to historic de-leveraging events.
Signs of decentralized markets losing ground were seen by mid-June and escalated towards the end of the month. This is seen in average gas prices, reaching a 14-month low of 3,427,691,654.095, according to Glassnode alerts.
