Crypto traders fear that the Ethereum (ETH) price could drop to $1,700, causing a “turbo bomb” in the altcoin market, and a faltering bull market could disrupt the market structure.
Analysts say Ethereum price could drop to $1,700 in the current climate
The current volatility continues to drive Bitcoin (BTC) and Ethereum (ETH) prices down, prompting investors to reconsider their short-term prospects. Bitcoin price momentarily dropped below $40,000 on February 17, while ETH failed to defend the $2,900 support, raising the probability of collapse to $2,500. After gaining support at $2,900 earlier today, Ethereum weakened by a wave of selling and touched the intraday low of $2,707, according to data from TradingView.
Here’s what analysts have to say about Ethereum’s price drop and whether more downside is on the way as global tensions continue to mount.
The next target for Ethereum could be $1,700
The crypto investor and Twitter analyst nicknamed “Crypto Tony” offered a fundamental assessment for Ethereum and posted the chart below discussing the support and resistance zones to watch.
The analyst says:
For me, the $3,900 zone remains vital in Ethereum and if we can reverse that, I feel the bottom is nearing $1,7000.
The price has reached a resistance level known as the “supertrend”
Market analyst “IncomeSharks” was more positive about Friday’s price activity and posted the chart below showing that ETH has reached a major resistance zone.
The analyst claims:
Ethereum is right in the middle of super trend resistance. Because it’s flat, it’s more likely to break up and go up. If the market turns positive, I believe the next target will be $2,900 to $3,000.
Macro trend indicates market will continue to decline
cryptocoin.com “Pentoshi”, whose analysis we have shared, shared his ideas about what could happen across the Ethereum and altcoin market if it could not maintain its current level.
Pentoshi says:
I will notice some local strength here as it maintains its lows, but it still makes lower peaks (LH) overall. The downtrend continues. Most cryptocurrencies will turbo bomb if these lows are broken.
The total cryptocurrency market cap is currently $1,803 trillion, with Bitcoin dominating 42.7 percent of the market.
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