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ethereum (eth) has seen a 17% drop in the last month, quoting below $ 1,850 during the last days. In the midst of their current performance, an analyst warned investors that cryptocurrency risks are risking at least 17 months if you cannot claim the key levels of resistance.
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ethereum could see the fall at $ 1,550
ethereum has been quoting below a key support zone during the last two days, around $ 1,750- $ 1,840 after not recovering the $ 1,900 mark on Wednesday. The second largest cryptocurrency due to market capitalization lost its range of 15 months at the beginning of March, falling below $ 2,100 for the first time since December 2023.
Since he lost this level, eth has seen its worst performance in seven years, registering a negative monthly closure for the fourth consecutive month. Rekt Capital Analyst outstanding that this yield validated the double ethereum formation that was developed within its macro range of $ 2,196- $ 3,904.
After decomposing this range, ethereum quotes within a historic liquidity group, between the range of $ 1,640- $ 1,930, and “has effectively positioned for a new bearish test” of the upper part of the range with its monthly closure within this area, which could turn this level into a new resistance.
As the analyst explains, converting this level into resistance has historically seen the fall of eth prices to the lower area of the current range. “In other words, converting the red level into resistance (red circle) has historically preceded a fall in the support in the lower part of the Light Blue Historical Demand (Orange Circle),” he said.
As such, ethereum must claim the top of this area of demand “to challenge a movement towards the old macro range of $ 2,196”. Meanwhile, a rejection of the $ 1,930 brand, which has not been able to claim during the past week, would see that eth risks a 15% drop to the $ 1,550 area.
Is a 20%rally?
Then Rekt Capital <a target="_blank" href="https://x.com/rektcapital/status/1908170270327603232″ target=”_blank” rel=”nofollow”>pointed Since June 2023, eth domain has fallen from 20% to 8%, historically an inverse area for cryptocurrency. When ethereum's domain touched the range of $ 7.5% -8.25%, it was reversed “to be more dominant in the market”, which could indicate an investment for the king of the alternatives.
Several analysts consider that the key levels to see are the support of $ 1,750 and the resistance of $ 2,100, since a break above or below these levels will determine the next significant eth movement.
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AltCryptogems Sjuul Analyst <a target="_blank" href="https://x.com/AltCryptoGems/status/1908134960784933166″ target=”_blank” rel=”nofollow”>Suggested That ethereum could observe a 20% rally based on a power of 3 configuration in the eth lower time table. The analyst stressed that the cryptocurrency had a phase of accumulation after falling below the $ 2,150 support, around $ 1,840 levels and $ 2,100 since March 10.
After immersing itself below the mark of $ 1,840, the cryptocurrency has been in the manipulation phase, the graph shows, which could trigger a thrust to the resistance of $ 2,150 if eth breaks and starts the distribution phase.
At the time of writing this article, ethereum lies at $ 1,808, an increase of 2.2% in the daily period.
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(Tagstotranslate) Cryptographic Analyst (T) Cryptographic Inverter (T) Correction of the crypto market
