Tuesday, Ethereum (ETH) retests the $ 2,000 support area, falling below this level for the first time in more than a year. Some analysts have suggested that the second largest cryptography risks a 40% correction while its price tries to maintain its level of support “between heaven and hell”.
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Monday Dump sends Ethereum at 15 months in hollow
Ethereum has fallen At an annual hollow of $ 1,993, according to data from the Binance market. The cryptocurrency fell below $ 2,000 for the first time in 15 months, reaching its lowest price since the end of November 2023.
In the midst of retirement from the February market, ETH failed to hold the level of $ 3,000, oscillating between the price range of $ 2,500 and $ 2.8,00 during most of the month, despite the market crash of February 3 at $ 2,100.
However, the end of the month’s correction saw Ethereum bleed 17% to a new hollow of $ 2,076. Per coiinglass DataThe King of Altcoins closed last month with a drop of 31.95%, recording his first fence in February with red figures since 2018.
ETH recovered 17% on Sunday, trying to recover the level of resistance of $ 2,500 after US President Donald Trump announcement The establishment of a “Crypto Strategic Reserve”, which will have Bitcoin and Ethereum “at the heart”.
Monday, ETH fell below the $ 2,000 bar during the discharge and market risks down 40%. Ali Martinez highlighted This Ethereum could fall as low as $ 1,250 if it did not recover certain key levels.
The analyst noted that Ethereum is consolidated in a parallel channel since 2024, bouncing from the upper limit of the canal to the average or lower limit before bouncing towards the upper area.
Nevertheless, ETH broke under the lower limit of the canal after diving below $ 2,200 last week. If the cryptocurrency does not recover the lower border of the canal, its price could go back to the support areas of $ 1,600, or even $ 1,250.
Martinez noted that the most critical resistance barrier in Ethereum is at the mark of $ 2,400, where more than 2.41 million investors bought 62.68 million ETH. For the analyst, an escape above this level could “erase the path for a gathering around $ 3,000”.
ETH according to Bear Market Years’s game book?
Like Ethereum retetest The barrier “between heaven and hell”, some market observers have stressed that ETH’s recent performance resembles its 2018 and 2022 price action.
According to the trader 5.0 inverted pseudonym, the King of Altcoins is “after 2018 and 2022, market price action”. The graphic shows This ETH has regularly decreased throughout these years, retraced 82.71% and 68.29% in 2018 and 2022, respectively.
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Cryptocurrency experienced small price rallies in the first six months of the two years, but continued the downward trend. ETH A denied 36.4% up to date (YTD), showing a performance similar to the years mentioned.
Another merchant suggested This Ethereum dropped from $ 4,200 to $ 4,200 in the last cycle before pumping 170% to its $ 4,800 higher (ATH) in the coming months. Based on the 2021 game book, cryptocurrency could continue its negative performance before recovering at the end of the year.
At the time of writing the editorial staff, ETH recovered almost 7% against its fall below $ 2,000 and is negotiated at $ 2,135.
Star image of Unsplash.com, tradingView.com graphic
