Ethereum Price Finds Support at $2.1k after Dropping 15%

Ethereum Rallies 76% from 2022 Lows as ETH Bulls Aim for $1.7k

After deep losses on Apr 18, the Ethereum price is stable, bouncing from $2k to spot rates, paring losses in the process.

Technically, the uptrend remains firm considering the depth of Ethereum’s fundamentals and the rooster of events scheduled for weeks ahead.

Venmo Supports Trading and Storing ETH

On the fundamental front, Venmo—owned by PayPal, now allows its users to buy, sell, and trade BTC, BCH, LTC, and ETH.

What’s interesting is that users can get started by buying coins worth $1. All transactions will be managed directly from Venmo.

As part of an educational drive, Venmo will release video guides to help users understand cryptocurrencies better.

Commenting, the Venmo Senior Vice President and General Manager, Darrell Esch, said:

“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

According to PayPal’s Q4 2020 earnings report, Venmo had 70 million users.

Their processing of coins as low as $1 that analysts say would encourage even more users to buy and trade cryptocurrencies.

ETH Is “Sound” Money

Meanwhile, Ethereum on-chain data now points to more growth as the number of ETH addresses with assets worth over $10k continues to grow.

More analysts say ETH is sound money and a better store-of-value than Bitcoin.

Ethereum Price Analysis

The Ethereum price is stable on the last day, reversing losses of Apr 18 and trending at around $2.3k in a retest.

Technical candlestick arrangements might point to sellers.

However, the immediate to medium-term trend will depend on the reaction at $2.1k.

If sellers flow back, reversing gains of Apr 20, the ETH/USDT prices may slip lower in reflection of Apr 18 sharp losses.

Notice that ETH/USD prices are already trending inside Apr 18 bear bar—a net negative from a volume analysis perspective.

A rebound from $2.1k will confirm a retest, a ground for more gains towards $3.2k, the 1.618 Fibonacci extension level of the Q1 2021 trade range.

From a more optimistic angle, the double-bar bullish reversal pattern marked with a volume surge on Apr 20 could be the trigger needed for more upswings in the days ahead in a buy trend continuation pattern of Q1 2021.

Chart Courtesy of Trading View

Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.