The crypto market crash in January caused many assets to end the month negatively. The second largest cryptocurrency by market capitalization Ethereum (ETH) closed the month of January with a decrease of 27% compared to December.
While Ethereum (ETH) provides positive returns in February, the danger of the price falling again may not be over, at least Bloomberg That’s what analysts think.
In Bloomberg Intelligence’s Crypto Outlook report for February, industry-leading analysts indicated that Ethereum is likely to drop to price levels below $2,000.
senior commodity strategist Mike McGlone Analysts led by ETH stated that the ETH market is in the consolidation phase seen at the end of a bull market. This is indicated by the fact that the market benefits both buyers and sellers by trading in the $2,000 to $4,000 price range.
However, analysts are concerned that the price level could drop below $2,000. The analysis is to repeat the price action that Ethereum exhibited last summer and 1,700 evaluates the possibility of visiting dollar price levels.
This worrying possibility is that ETH price 52-week moving average It is due to techniques showing that it tends to break the support found at the price levels below.
“Our chart shows that Ethereum is moving below the range and approaching the support threshold about 30% below its 52-week moving average. Ethereum could repeat last summer and revisit around $1,700.”
However, analysts say this will leave Ethereum’s bullish fundamentals intact.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.