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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Drop Coming? ETH Risks Fall To $2,180 If This Support Fails – Analyst

Rubmar Garcia
Rubmar Garcia
7 months ago
3 mins read
Ethereum, ETH, Crypto

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Created by industry experts and meticulously reviewed
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Amid the market retrace, Ethereum (ETH) has lost its key $2,600 support zone and fallen below the next crucial level. As the second-largest cryptocurrency by market capitalization attempts to hold its current range, some analysts predict a 6% drop could be coming.

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Ethereum Risks Fall To $2,180

Following the $1.5 billion hack of crypto exchange Bybit, the crypto industry experienced a market correction that sent most cryptocurrencies below their key support levels. Bitcoin’s price fell below the $90,000 mark for the first time since November.

Meanwhile, Solana, one of the leading Altcoins of the cycle, dropped 30% in five days, hitting a five-month low. Nonetheless, Ethereum’s price held relatively well compared to most cryptocurrencies despite accounting for $1.2 billion of the assets stolen in the hack.

The “King of Altcoins” initially dropped 10%, staying around its pre-Bybit hack levels over the weekend, but failed to sustain the $2,600 support after the market crash resumed on Monday.

Crypto analyst Ali Martinez had previously warned that this level was key for cryptocurrency’s bullish trend continuation, and failing to hold this support zone would send the price to the $2,4000 mark.

After the drop, the analyst stated that the $2,425 level was Ethereum’s next most critical support zone, as 10.33 million wallets accumulated 63.43 million ETH. However, the cryptocurrency failed to hold this level on Wednesday, dropping to $2,300 in the past 24 hours.

Martinez warned that Ethereum needs to hold the $2,345 support level now, where 2 million investors bought 58.88 million ETH. If it falls below this level, the millions of investors will be in the red numbers.

Analyst Carl Runefelt also cautioned about ETH’s current levels, suggesting that Ethereum risked dropping another 6%. The analyst advised investors to monitor the bearish flag forming in Ethereum’s hourly chart for the past day, as it could send ETH’s price near the $2,000 support line.

If the cryptocurrency fails to hold the $2,320-$2,330 level, Ethereum’s price targets a breakdown to $2,180.

Ethereum
ETH bearish flag risks drop to $2,100. Source: Carl Runefelt on X

Short-Term Rally Or Sideways Move Coming?

Crypto analyst Ted Pillows highlighted ETH’s bullish divergence in the 3-hour chart, suggesting that “a short-term rally towards $2,600-$2,700 looks possible.” However, he noted that the potential rebound could be a “dead at bounce.”

Meanwhile, Altcoin Sherpa indicated that the cryptocurrency could move sideways for the next few months, pointing to ETH’s performance after losing the $2,900 support in August 2024.

Ethereum moved within the $2,100-$2,800 price range from August to November 2024, with the second-largest crypto’s current price action starting to resemble last summer’s performance.

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7 months ago

Another market watcher also suggested that the King of Altcoins needs an extended re-accumulation period to attempt to reclaim the higher levels, as seen during the FTX collapse, 2023’s capitulation, and Summer 2024’s capitulation. Based on this, ETH could move within its current range for the next two to three months.

Lastly, analyst Titan of Crypto pointed out a Wyckoff Check accumulation pattern in ETH’s weekly chart. He stated that Ethereum appears to retest its key level after a breakout to confirm the trend continuation. Per the post, if the $2,140 level holds, there’s a “potential spring and rally continuation.”

As of this writing, Ethereum trades at $2,324, a 15% drop in the weekly timeframe.

ethereum, eth, ethusdt
Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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