Ethereum To Drop? ETH Risks Fall To $2,180 If This Support Fails
In the midst of a market reversal, Ethereum (ETH) lost its main $2,600 support zone and fell below the next key level. Some analysts are expected to drop 6% as market cap attempts to hold the second largest cryptocurrency in its current range.
Related Readings
Ethereum risk drops to $2,180
Follow $1.5 billion hacker In crypto exchange Bybit, the cryptocurrency industry has made market corrections that have brought most cryptocurrencies below their main support levels. Bitcoin’s price is below $90,000 for the first time since November.
Meanwhile, Solana is one of the leading goats in the cycle, down 30% in five days and hit a five-month low. Nevertheless, Ethereum is priced relatively well compared to most cryptocurrencies, despite the $1.2 billion in assets stolen from the currency.
The initial “King of Alternative Tokens” fell 10%, staying near its previous hacks at the weekend’s bybit hack level, but failed to maintain $2,600 support after the market crash on Monday.
Crypto analyst Ali Martinez Before Warning this level is key to the continuation of the bullish trend of cryptocurrencies, and not holding this support zone will allow the price to shift the price to $24,000.
After the decline, analysts said the $2,425 level is Ethereum’s next key support zone, with 10.33 million wallets accumulating 63.43 million. However, cryptocurrencies failed to maintain this level on Wednesday, falling to $2,300 in the past 24 hours.
Martinez warn The Ethereum now needs to hold a support level of $2,345, with 20 million investors buying 58.88 million ETH. If it falls below this level, millions of investors will be in the red number.
Analyst Carlunefelt also warned that ETH’s current levels suggest that Ethereum has a potential decline of another 6%. Analysts advise investors to monitor the formation of bearish flags in the Ethereum hourly chart over the past day, as it may send the price of ETH to the $2,000 support line close.
If the cryptocurrency fails to hold the $2,320 to $2,330 level, then Ethereum’s price target will break down to $2,180.
Short-term gathering or side-moving?
Crypto Analyst TED Pillow Highlight ETH’s bullish view diverges in the 3-hour chart, suggesting that “the short-term rally looks likely to go to $2,600 to $2,700.” However, he noted that the potential rebound could be a “rebound death.”
Meanwhile, Altcoin Sherpa Indicated The cryptocurrency is likely to move sideways over the next few months, pointing to ETH’s performance after losing $2,900 in August 2024.
Ethereum’s price range is in the $2,100-2,800 range from August to November 2024, with current price action for the second-largest cryptocurrency starting to resemble the performance last summer.
Related Readings
Another market observer suggestion Kings of AltCoins need a long period of re-energy to try to reclaim higher levels such as the FTX collapse, the 2023 surrender and the 2024 summer surrender. Based on this, ETH can move its current range over the next two to three months.
Finally, crypto analyst Titan tip The Wyckoff check accumulation pattern appears in the weekly chart of ETH. He said Ethereum appears to have retested its key level after the breakout to confirm the trend’s continuation. Depending on the post, if the $2,140 level holds, there will be “potential spring and convergence continuation”.
As of this writing, Ethereum is trading at $2,324, with a weekly time limit down 15%.
Featured images from Unsplash.com, charts from TradingView.com
