Analyst say Ethereum price could fall to $1,700 if the current climate prevails
The current wave of volatility is still affecting Bitcoin (BTC), Ether (ETH), prices. This is prompting traders to go back and rethink their short-term expectations. The possibility of Bitcoin falling to $2,500 is increased by the fact that Ether fell below $2,900 support on February 17.
TradingView and Cointelegraph Markets Pro data show that Ether dropped to $2,752 intraday after it hovered near the $2900 support level during the morning trading hours.
ETH/USDT 1-day chart. Source: TradingView
Here are some thoughts from analysts about Ether’s price fall and whether more downside can be expected as global tensions rise.
The next stop for Ethereum could be $1700
Crypto trader and pseudonymous Twitter User ‘Crypto Tony” provided a general overview of Ether’s current outlook and posted the following chart, which discusses the areas of support or resistance that should be kept in mind.
ETH/USD 1-day chart. Source: Twitter
Crypto Tony said.
“$3,900 is still my most important area and if you flip that, I believe the low is in… If we reject it or fail even to reach it, we will head towards my main goal of $1,700.”
The price is above a “supertrend” resistance level
Market analyst and pseudonymous Twitter User ‘IncomeSharks,’ posted a chart showing that Ether is at a significant resistance zone.
ETH/USD 4-hour chart. Source: Twitter
According to the analyst
“Ether right at supertrend resistance. It’s more likely to break upwards than it is to flip bullish because it’s flat. If it flips bullish, I believe $2,900 to $3,000 is next.
Related: U.S. Inflation Breaks 40-year Record: Can Bitcoin be used as a hedge asset or?
Further downwards is projected by the macro trend
Pentoshi, a trader and pseudonymous user on Twitter, offered insight into what might happen to Ether, and the wider altcoin markets, if it fails to hold its current level.
ETH/USD 1-day chart. Source: Twitter
Pentoshi stated,
“I will note that there is some local strength in this area since it has held its lows, but overall still lower highs. Trend is down. *IF* these lows break *THEN* *MOST* altcoins turbo nuclear.”
The total cryptocurrency market is now worth $1.899 trillion. Bitcoin’s dominance rate at 41.4%.
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