ethereum (eth) price has suffered amid another market shakeout. The second-largest cryptocurrency by market cap fell below the $2,600 support zone for the third time in the past week, prompting cryptocurrency analysts to assess the next levels to watch.
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Key eth Support Zone to Watch
The cryptocurrency market has seen several pullbacks throughout the cycle, with cryptocurrencies such as ethereum declining significantly since its Q3 open. Since July 1, the “king of altcoins” has seen a 24% drop from the $3,400 support level.
After falling below the $2,100 mark during the Black Monday crash, eth has been hovering between $2,300 and $2,700. The cryptocurrency has recovered around 18% of its price as it attempts to reclaim the $2,600 level.
However, recent market shake-ups have seen the price retest the strength of the $2,500 support zone three times in the past two weeks, making experts wary of eth’s next move.
Renowned cryptocurrency analyst Ali Martinez said that investors should pay attention to a key support zone following ethereum’s performance. For Martinez, the price range of $2,300 and $2,380 should be kept an eye on if eth continues its downward trend.
According to the In/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million eth in this zone, making it the next support wall for ethereum price. If the cryptocurrency fails to hold this level, its price could fall to $2200 and even to levels not seen since February.
Will ethereum fall to $1,200 this year?
Other experts have suggested that the second-largest cryptocurrency could see its price fall further, as “even giants will fall.” Prominent analyst Benjamin Cowen claimed that the “eth/btc collapse” is almost complete.
A year ago, Cowen predicted that the collapse of the trading pair would “mark the end of the altcoin reckoning.” He explained that the “altcoin reckoning” refers to the devaluation of altcoins in relation to their btc pairs.
The analyst added that the ETC/btc pair was the “last to rise in the bullish phase and may be the last to fall in the bearish phase.” For him, this currency pair has four more months before rising again next year.
In addition, Cowen x.com/intocryptoverse/status/1824200256042701185″ target=”_blank” rel=”nofollow”>provided that the price of ethereum could reach the $1,200 price range in December if its performance is similar to the last two cycles.
Cryptocurrency investor Ted Pillows urged investors to hold on during turbulent waters, x.com/TedPillows/status/1824439104618013088″ target=”_blank” rel=”nofollow”>suggestion that it is still possible to reach $10,000. For the trader, the “king of altcoins” is not dead according to different factors.
Ted highlighted that inflows into ethereum spot exchange-traded funds (ETFs) have increased while Grayscale outflows have become progressively smaller and Jump Trading only has around $60 million worth of eth to sell.
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Moreover, eth is “firmly holding its support level,” which he considered the most important factor. Ultimately, the investor predicts that the consolidation breakout will occur between November and December, while the “parabolic run” will begin in the first quarter of 2025.
Featured image from Unsplash.com, chart from TradingView.com
