Ethereum Remains Bearish: Will it Uphill or Plummet?

Ethereum, the second largest cryptocurrency, has dropped 7.69% in the past seven days

Due to the selling pressures of Bitcoin (BTC), the second largest cryptocurrency by market capitalization, Ethereum (ETH), is crashing the market. Ethereum (ETH) was steadily approaching $1800, with a previous record increase due to Shanghai's Blockchain upgrade.

Ethereum is trading at $1,674.76 after a gain of 2.68% in the past 24 hours. However, the ETH price has dropped 7.69% in the past seven days, and the current market cap has reached US$201 billion.

Investors pushed Ether (ETH) beyond the overhead resistance of $1,680 on June 16. However, the breakout didn't stay for long, and the price closed below $1,680.

The upsloping 20-day Exponential Moving Average and the positive RSI imply that Ether bulls are in check. Investors might try to cross the overhead barrier at $1,680 and push the price to $2,000. As a result, the $1,800 level may cause some resistance, but the prices may be crossed.

Many Crypto Analysts thought that Shanghai's Blockchain upgrade would cause a price fall, but this was not the case. The upgrade caused Ethereum (ETH) to have steady increases. The upgrade allowed Ethereum (ETH) to shift from a proof of stake protocol to a proof of work protocol.

Undoubtedly, much of the crypto market is bullish on Ethereum price prediction. The coin is an essential part of the industry, and with it, many of the top applications and services that have risen to popularity in the last few years would be here today.

Of course, only some feel the same, and there are plenty of reasons some investors will not touch ETH. The shift allowed staked Ethereum (ETH) to be withdrawn from the blockchain. You don't necessarily have to agree with them, but you must hear them out. You should be fully aware of ETH's pitfalls and benefits. Because when some ask, 'Will ETH continue falling?' No one knows the answer.