In the middle of the market trace, Ethereum (ETH) lost its key support area of $ 2,600 and fell below the next crucial level. While the second cryptocurrency by market capitalization is trying to maintain its current range, some analysts predict that a 6% drop could happen.
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Ethereum risks fall to $ 2,180
Follow the $ 1.5 billion hack From the exchange of crypto, the cryptographic industry experienced a market correction which sent most of the cryptocurrencies below their main levels of support. The Bitcoin price fell below the $ 90,000 mark for the first time since November.
Meanwhile, Solana, one of the main altcoins of the cycle, dropped by 30% in five days, reaching a hollow of five months. Nevertheless, the price of Ethereum was relatively good although most cryptocurrencies despite the fact that $ 1.2 billion in stolen assets in piracy.
The “King of Altcoins” initially dropped by 10%, respecting its hacking levels before Bybit during the weekend, but failed to maintain support of $ 2,600 after the market accident resumed on Monday.
Crypto analyst Ali Martinez had previously warned that this level was essential for continuing the upward trend of cryptocurrency and that not holding this support area would send the price at the $ 2,4000.
After the drop, the analyst said that the level of $ 2,425 was the next most critical support zone in Ethereum, while 10.33 million portfolios had accumulated ETH 63.43 million. However, the cryptocurrency failed to maintain this level on Wednesday, going to $ 2,300 in the past 24 hours.
Martinez warned That Ethereum must hold the level of support of $ 2,345 now, where 2 million investors have bought 58.88 million ETH. If it falls below this level, the millions of investors will be in red number.
Analyst Carl Runefelt also warned against the current eth level levels, which suggests that Ethereum risked lowering another 6%. The analyst advised investors to monitor the lowering flag forming in the Ethereum hourly table for the last day, because he could send the ETH price near the $ 2,000 support line.
If the cryptocurrency does not hold the level of $ 2,320 to $ 2,330, the price of Ethereum targets ventilation at $ 2,180.
The short -term rally or the movement laterally to come?
Ted Oreads cryptographic analyst highlighted ETH’s upward divergence in the 3 -hour table, suggesting that “a short -term rally to $ 2,600 to $ 2,700 seems possible”. However, he noted that the potential rebound could be a “death in bounce”.
Meanwhile, Altcoin Sherpa noted That cryptocurrency could move laterally for the coming months, indicating ETH’s performance after losing support of $ 2,900 in August 2024.
Ethereum moved to the price range from $ 2,100 to $ 2,800 from August 2024, the second current action of the crypto which is starting to look like last summer’s performance.
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Another market observer too suggested That the King of Altcoins needs a period of prolonged reagculation to try to recover the higher levels, as shown by the collapse of the FTX, the capitulation of 2023 and the capitulation of the summer of 2024. On the basis of this, ETH could move in his current beach for the next two to three months.
Finally, Crypto Titan Analyst sharp Out a Wyckoff control accumulation model in the weekly ETH graph. He declared that Ethereum seems to retest his key level after an escape to confirm the continuation of the trend. Depending on the position, if the level of $ 2,140 is valid, there is a “potential continuation of the spring and the rally”.
To date, Ethereum is negotiated at $ 2,324, a drop of 15% within the weekly time.
Star image of Unsplash.com, tradingView.com graphic
