NEWSLETTER
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Amid the market setback, ethereum (eth) has lost its key support zone of $ 2,600 and has fallen below the next crucial level. As the second largest cryptocurrency for market capitalization tries to maintain its current range, some analysts predict that a 6%drop could reach.
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ethereum's risks fall to $ 2,180
After the trick of $ 1.5 billion of BYBIT exchange crypt, the cryptographic industry experienced a market correction that sent most cryptocurrencies below their key support levels. The price of bitcoin fell below the $ 90,000 brand for the first time since November.
Meanwhile, Solana, one of the main alternatives of the cycle, fell 30% in five days, reaching a minimum of five months. However, the price of ethereum remained relatively well compared to most cryptocurrencies despite representing $ 1.2 billion of assets stolen in the hack.
The “King of Altcoins” initially fell by 10%, remaining around its piracy levels prior to the weekend during the weekend, but could not maintain the support of $ 2,600 after the market accident resumed on Monday.
The cryptographic analyst Ali Martínez had previously warned that this level was key to the continuation of the Cryptocurrency Trend, and not maintaining this support area would send the price to the $ 2.4000 mark.
After the fall, the analyst declared that the level of $ 2,425 was the following most critical support zone in ethereum, since 10.33 million wallets accumulated 63.43 million eth. However, cryptocurrency could not retain this level on Wednesday, falling to $ 2,300 in the last 24 hours.
MARTÍNEZ <a target="_blank" href="https://x.com/ali_charts/status/1894830291551691059″ target=”_blank” rel=”nofollow”>warned That ethereum needs to have the support level of $ 2,345 now, where 2 million investors bought 58.88 million eth. If it falls below this level, the millions of investors will be in the red numbers.
Analyst Carl Runefelt also warned of the current eth levels, which suggests that ethereum risked another 6%. The analyst advised investors to monitor the bearish flag that was formed in the ethereum time table during the last day, since it could send the price of eth near the support line of $ 2,000.
If the cryptocurrency does not have the level of $ 2,320- $ 2,330, the price of ethereum is directed to a breakdown at $ 2,180.
Is the short -term rally coming or the lateral movement?
Cryptographic Ted Pillow analyst <a target="_blank" href="https://x.com/TedPillows/status/1895107602717253722″ target=”_blank” rel=”nofollow”>outstanding eth's uprising divergence in the 3-hour table, which suggests that “a short-term rally towards $ 2,600- $ 2,700 seems possible.” However, he pointed out that the possible rebound could be a “dead man in Bounce.”
Meanwhile, Altcoin Sherpa <a target="_blank" href="https://x.com/AltcoinSherpa/status/1895098997901025292″ target=”_blank” rel=”nofollow”>indicated That the cryptocurrency could move sideways during the next months, pointing out eth's yield after losing the support of $ 2,900 in August 2024.
ethereum moved within the price range of $ 2,100- $ 2,800 from August to November 2024, with the second current price action of the largest cryptography that begins to resemble last summer performance.
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Another market observer also suggested that the king of Altcoins needs an extended reacting period to try to claim the highest levels, as seen during the FTX collapse, the capitulation of 2023 and the capitulation of summer 2024. According to this, eth could move within its current range during the next two or three months.
Finally, the Titan of crypto analyst <a target="_blank" href="https://x.com/Washigorira/status/1895082566417342519″ target=”_blank” rel=”nofollow”>pointed It was a Wyckoff control accumulation pattern in the eth weekly table. He said ethereum seems to test its key level after a break to confirm the continuation of the trend. According to the publication, if the level of $ 2,140 is maintained, there is a “continuation of the continuous spring and rally”.
At the time of writing this article, ethereum lies at $ 2,324, a 15% drop in the weekly term.
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(Tagstotranslate) Bybit Hack (T) Bybit Safety breach (T) Cryptographic Analyst (T) cryptographic inverter
