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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Ethereum In Danger? Analyst Warns Of Bearish Future If ETH Drops Below This Level

Rubmar Garcia
Rubmar Garcia
1 year ago
3 mins read
Ethereum, ETH, ETF

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Ethereum (ETH) showed a notable performance throughout March. The second largest cryptocurrency hit $4,000 twice and seemed ready for lift-off to a new all-time high (ATH) while the whole crypto market soared.

Quarter one (Q1) 2024 closed with important achievements for the crypto community. However, as Q2 started, Bitcoin began a correction that dragged Ethereum and the rest of the crypto market.

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Investor Alert: Ethereum Q2 Potential Promises Double-Digit Gains – Analyst

1 year ago

Are Ethereum Bulls In Problems?

The king of altcoins has registered red numbers for the past two days. ETH’s momentum recovery after the market slowdown was halted after the token followed BTC and the rest of the market.

On Monday, crypto analyst Ali Martinez expressed concerns about Ether’s future. He suggested investors should “always be prepared for the best and the worst” scenario.

Martinez deemed “breaching the $3,400 support level” as the most brutal scenario for the second-largest cryptocurrency. This move would confirm a bear pennant pattern that formed on the daily chart.

If confirmed, the bearish formation could trigger ETH’s price to face a “major correction,” according to the analyst. The correction could make Ether’s price dip to $2,800.

Martinez reaffirmed his analysis after Ethereum continued to dip in the early hours of Tuesday. After the token fell under the support level mentioned above, the analyst asserted that falling under $3,460 was a problem for the bulls.

#Ethereum dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further $ETH correction toward $2,850 or lower. pic.twitter.com/dFpnpZtBVM

— Ali (@ali_charts) April 2, 2024

“Given the lack of support,” failing to regain this support zone could trigger further corrections for ETH that could go even lower than the previously forecasted $2,800.

According to the In/Out of the Money Around Price (IOMAP) chart shared by Martinez, Ethereum shows a potential price support between $2,846 and $2,905, with over 1.64 million ETH bought by 1.99 million addresses at this level.

Nonetheless, the chart also displays that an ETH rally could face resistance at $3,457 and $3,557.

ETH’s Follows Bitcoin’s Correction

Ethereum behaved no differently than the rest of the crypto market. Bitcoin’s correction saw its price drop from the $70,000 mark to hover between the $65,000-$64,000 price range.

The flagship cryptocurrency shredded 7.1% of its price in the last 24 hours. Similarly, Ethereum’s red numbers show a 7.4% drop from yesterday and a 7.5% decrease on Monday.

April fools shakeout to start the quarter.

Time to get to work. Let's get this bread boys 🤝 pic.twitter.com/0458Qvrr4F

— Jelle (@CryptoJelleNL) April 1, 2024

In the weekly and monthly timeframes, the king of altcoins has decreased by 9.2% and 3.4%.  However, its 3-month chart shows green numbers, with a positive 39.74% increase since 2024 started.

Despite the negative performance, Ethereum’s daily trading volume increased a remarkable 80.80%, with over $22.5 billion traded in the last 24 hours, suggesting a rise in market activity. At the time of writing, ETH was trading at $3,283.

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Brace For Market Impact: Ethereum Open Interest Has Reached A New All-Time High

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Ethereum is trading at $3,238 in the one-day chart. Source: ETHUSDT on Tradingview.com
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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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