Will Ethereum drop to $1,800? Last chance to buy from the bottom?

The crypto market has seen a remarkable recovery last week, with Bitcoin posting a substantial 15.65% gain. However, altcoins are showing signs of a potential short-term slowdown as they tend to take profits. Although Ethereum experienced an 8.6% bounce, it has faced increasing resistance over the past few days and possible bearish signs.
Ethereum price daily chart
High price rejection candles at $1,939 indicate strong supply pressure at this level.
Ethereum price could see pullbacks to the $1,891 level and retest the $1,800 level.
Ether's daily trading volume indicates an increase of $7.9 billion (28%).
Ethereum price is currently trading around $1,891 and it is facing resistance at $1,939. It tries to break the upper Bollinger Band, forming a pattern. This pattern indicates a possible market reversal.
But the interesting thing is that this retest could actually be an opportunity for buyers as the price seems poised to rally. The recent low trading volume supports the possibility of reversal after retest.
For Ethereum to sustain its bullish momentum, it needs to stay above the opening level of $1,792 from June 21, which represents an increase of 5.43%. The big question now is whether Ethereum can regain the $2,000 level.
Will ETH price rise to the $2,000 level?
We are likely to see a pullback on the previous broken trendline, which could give buyers some breathing room before the recovery picks up momentum again. If Ethereum can stay above this support level, we could see a significant 13.8% increase and be challenged to reach the 2023 high of $2,138.
Stochastic: While the stochastic lines are currently in the oversold territory, they are on the verge of reversing after the downtrend.
Bollinger Bands: The upper band of the Bollinger Bands, currently around $3939, is adding to the resistance, laying the groundwork for a potential downtrend.
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