Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish
Ethereum’s price trajectory has plummeted, with technical analysis showing a possible crash to $2,000. Crypto analyst SwallowAcademy noted on the trading landscape platform that some bearish signals form over a smaller time frame, especially when buyers fail to keep the critical support zone at $2,700. It is worth noting that the wider market falls in the past 24 hours will only increase case Ethereum has fallen further.
Ethereum plummeted by more than 12% in 24 hours due to huge losses in the market
The crypto market has taken a major blow. Bitcoin is below major support In the past 24 hours, $90,000, fell 6.9%. A struggling Ethereum The situation is even worse, In the same time frame, its price fell 12.6%. In particular, Ethereum lost more consecutively below support levels at a rate of $2,600, $2,500 and $2,400.
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This sharp decline is Swallow warning Regarding Ethereum’s weakness on a smaller timeline, further loans could drop to $2,000. SwallowAcademy initially emphasized that Ethereum is still in a solid buying zone due to EMAS support of $2,700. However, as price action shifts, analysts acknowledge that bearish pressure on the lower time frame may open the door for further declines.
Interestingly, this Ethereum price crash has been surprising in the last 24 hours as the Bulls managed to surpass the $2,700 key support level Despite the tragic defeat Bybit’s $1.5 billion hacking attack took place throughout the weekend.
Although the exchange’s immediate impact hack appears includingthe market now seems to be experiencing a delayed reaction, and fear is gradually placing it among investors. This uncertainty, combined with Continuous outflow From crypto investment products, including spot Bitcoin and spot Ethereum funds, Ethereum prices add greater downward pressure.
For now, the current Ethereum Daily Candle is firmly in the hands of the seller, showing no signs of relief from stress. This is a major change compared to the strong buying sentiment before.
Bearish momentum can be extended to $2,000
Weaker candles per week make the scales fall more than the bullish uptrend, although it can be decided earlier this week. Warning that this is still early this week. Ethereum already has traded below EMA in the daily time frame, so the key factor is whether it can stay above EMA in the weekly time frame.
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If the current sales momentum continues and the price drops below $2,200, the next major downside target is $2,000 before any significant rebound can occur.
At the time of writing, Ethereum trades at $2,395, with more risk of decline over the next 24 hours. Despite a sharp drop, RSI has not met too many conditions, meaning sellers may still have room to push the price higher before running out.
Featured images from Adobe Stock, charts from TradingView.com
