Ethereum (ETH) began its recovery after surpassing the falling trend line from the April 16 peak during its rise that started in October. However, it did not retest this trend line as support. The “altcoin king” created a lower peak on November 24 and is currently a victim of profit-taking as indicated by the long upper wick.
Analyst ColdBloodShill wrote that the price could drop to the $1,900 level before rising again. Among those who believe that the end of ETF applications will mobilize investors is Satoshi Flipper.
Another analyst, CryptoBusy, predicts that the tough resistance is at the $2,100 level and that this level will soon be breached for the last time, leading to an impressive rise. Currently, the price of ETH is at $2,012, and the resistance area may be unreachable as long as BTC remains below $37,000.
Ethereum price charts with applied Elliott wave counts have yielded good results in the past. The latest chart shows that ETH is in the C wave of an A-B-C corrective structure following a five-wave rise that began in October.
Accordingly, as ColdBloodShill indicated, it seems likely that the price will test the $1,900 level. However, the trigger for this remains unclear. The most likely scenario could be BTC dropping to $35,000 if this situation occurs.