Ethereum $2,000 Support Retest Key For ETH’s Next Move
Ethereum (ETH) retested the $2,000 support zone on Tuesday, down below this level for the first time in more than a year. Some analysts believe that the second-largest cryptocurrency has a 40% correction risk as its price tries to maintain its support level “between heaven and hell.”
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Monday dump will send Ethereum to a 15-month low
Ethereum has Depravity According to Binance Market Data, it is as low as $1,993 per year. Cryptocurrency fell by $2,000 for the first time in 15 months, the lowest price since late November 2023.
ETH failed to hold the $3,000 level in February’s market recovery, and despite the market crash to $2,100 on February 3, the price was between $2,500 and $2,8’00 for most of the month.
However, the end-of-month correction brought Ethereum’s 17% to a new low of $2,076. coinglass dataLast month, the Altcoins King closed at a rate of 31.95%, with its first February shutting down red numbers since 2018.
ETH recovered 17% on Sunday, trying to be in the U.S. President Donald Trump Announce Establish a “strategic cryptocurrency reserve” that will have the “core” of Bitcoin and Ethereum.
On Monday, ETH’s $2,000 during market sales period was below $2,000, with a 40% drop in risk. Ali Martinez Highlight If Ethereum does not recoup some key levels, the price of that Ethereum could be as low as $1,250.
Analysts noted that Ethereum has been consolidating in parallel channels since 2024, bounced from the upper boundary of the channel to the middle or lower boundary, and then bounced back to the upper area.
Nevertheless, ETH broke below the lower boundary of the channel after it fell below $2,200 last week. If the cryptocurrency does not retract the lower boundary of the channel, its price may fall back to the $1,600 or even $1,250 support zone.
Martinez pointed out that the most critical resistance barrier for Ethereum is in the $2,400, with more than 24.1 million investors buying 62.68 million ETH. For analysts, a breakthrough above this level “can “clear the path toward a $3,000 rally.”
ETH after the Bear Market Year script?
As Ethereum Retest Some market observers in The Barrier Between Heaven and Hell pointed out that ETH’s recent performances are similar to its 2018 and 2022 price action.
According to the pseudonym trader 5.0 inversion, Altcoins Kings “after bear market price action in 2018 and 2022”. chart show This ETH has steadily declined over the years, traced back 82,71% and 68.29% in 2018 and 2022, respectively.
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Cryptocurrencies have had small price rallies in the first six months of two years, but continue to decline. Eth owns reject 36.4% to date (YTD), performance similar to the above years.
Another trader suggestion The Ethereum dropped from $4,200 to $1,800 in the last cycle, and then dropped 170% to its all-time high of $4,800 in the coming months. According to the 2021 script, cryptocurrencies may continue their negative performance before they resume at the end of the year.
At the time of writing, ETH recovered nearly 7% from trading below $2,000 to $2,135.
Featured images from Unsplash.com, charts from TradingView.com
