Analysts believe ETH could fall to $1700 if this market climate prevails in the future and could nuke the rest of the altcoins and can alter the market structure of the struggling bull market so let’s read furhter in today’s latest Ethereum news.
Bitcoin and ETH prices are both hit hard by the current wave of volatility and the leading traders wanted to back to the drawing board and readjust their short-term expectations. At the end of February, the BTC price dipped below $40,000 and ETH failed to hold the support at $2900 raising the chance of a drop of $2500. The data from TradingView shows that after hovering close to the $2900 support level via the morning tradign hours and ETH was hit with a wave of selling that dropped it to the intraday low of $2752.
The analysts believe ETH could drop again if the current market climate prevails and consider another downside which is expected as global tensions continue to rise. The general overview of the current outlook for ETH was provided by the traders and Twitter user “Crypto Tony” who posted charts that discuss the areas of support and resistnace to watch out for. Crypto Tony said:
“$3,900 remains the most pivotal area for me and if we flip that, well I believe the low is in… Reject from it or fail to even reach it and we head to my main target of $1,700.”
The price is at a super trend resistance level and the more bullish take on Friday’s price action was offered by the market analyst and Twitter user “IncomeSharks” who posted the charts indicating that ETH is now at a huge resistance zone:
“Ether right at the supertrend resistance. Since it’s flat it usually has a higher chance of breaking upwards and flipping bullish. If it does flip bullish I think $2,900 to $3,000 would be next.”
The macro trend projects further downside and the insight into what could happen to ETH and the rest of the altcoin market should it fail to hold the current level was offered by trader Pentoshi:
“I will take note that there is local strength here since it held its lows but overall still lower highs. Trend is down. *IF* those lows break *THEN* *MOST* altcoins turbo nuke.”
The market cap now stands at $1.899 trillion and BTC’s domiannce rate is 41.4%.