- Ethereum faces massive selling pressure after dropping below $2500, with a risk of further decline.
- Bulls must reclaim the $2300+ zone to avoid a deeper fall; $2210 is a critical support level.
- The next support zone lies between $1780 and $1840, offering a potential rebound opportunity.
Ethereum is now experiencing massive selling pressure after it fell below major support lines. The cryptocurrency did not sustain the price above $2500, triggering a change in the market sentiment. Analyst Daan Crypto Trades highlighted that Ethereum is failing to support at a significant level. Traders have concerns over whether ETH will continue to fall as the cryptocurrency struggles to find its path in such adverse circumstances. Market analysts are paying close attention to important price ranges to identify the direction that ETH will take.
ETH is currently trading below support levels, making it vulnerable. The lack of movement in this region raises the potential of a further fall. Analysts cautioned that as long as Ethereum fails to recover swiftly, it stands to possibly lose to an even greater extent in the subsequent days. As of press time, ETH is trading at $2,185, with a decrease of 8.42% in 24 hours and a 13.87% decrease in the past 7 days.
The bulls need to capture the $2300+ zone. If Ethereum succeeds in capturing this level and maintaining it, it may avoid a more robust decline. Nevertheless, in case the price cannot sustain above $2300, a bearish retest may occur, driving ETH further down. The local lows of approximately $2210 are now crucial in stabilizing the price. A downside break below this level may create more losses.
Source: X
Ethereum’s Bearish Trend Continues
Analyst Crypto Patel revealed that Ethereum sold off at a time when it was trading between $2700 and $2800. Now, ETH is currently down by more than 22%, and he thinks the bearish trend will not end soon. Analysts pointed out the break at $2500 support as a turning point, given that support has been lost. He forecasts increased pressure on the cryptocurrency as the bears assume control.
Ethereum had approached the 0.5 retracement level in the Fibonacci, and this could be the beginning of an accumulation. As long as ETH manages to trade above the $2200 area, it can rebound. Nevertheless, in case of a further decrease in price, the next support area is at the level of 0.618 Fibonacci at $1782 and $1840.
Source: X
The optimal range of purchasing price is between $2200 and $1800. His price target on Ethereum is above $8000 to $10,000 in the long term. Traders and investors are keeping an eye on these levels as Ethereum reaches this critical point to determine where the cryptocurrency might be headed next.
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