Ethereum Price Rejected At The $2,000 Level, Will It Retrace To $1,700 Soon?

Ethereum price has retraced over the past few days, in the last 24 hours the coin depreciated 2%. The current price action pointed towards consolidation. In the past trading sessions, ETH has retraced beneath the $1,900 price mark. Continued consolidation for Ethereum has now pushed Ethereum price close to $1,800. In case the king altcoin is unable to break past the $1,800 level, it would be targeting the next support level for the coin. Technical outlook had turned bearish as the coin was mainly consolidating causing a loss of value. Buying strength witnessed a fall on its chart which made ETH turn bearish at press time. If Ethereum needs to cross above the $1,900 price level, the buying strength needs to recover considerably on its chart. The global cryptocurrency market cap today is $1.18 Trillion, with a 1.6% negative change in the last 24 hours. Market movers were also dipping on their respective charts, this had an effect on the coin’s overall price movement. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1,880 at the time of writing. The coin had witnessed rejection at the $2,000 price mark multiple times. At the moment Ethereum price witnessed a correction after it attempted to trade near the $2,000 price level. Overhead resistance for the coin was at $1,900 and a jump beyond the mentioned price level will push ETH to touch the $2,000 mark. Local support for the coin was at $1,700 but consistent lat...