Ethereum Long-Term Bullish Structure At Risk – $2,700 Support Is Key for a $7K Target
Ethereum faces a cruel surrender activity on Sunday. As the market panic continues, it will be more than 30 % in less than 24 hours. Increasingly worrying about the US trade war, it has caused shock waves in cryptocurrency space, and has led to a significant decline in Bitcoin and major cottage coins, which has caused dramatic selling. ETH, who has been working hard to restore the key level, saw a sharp decline, shocked investors’ confidence, and aroused people’s concerns about its long -term trends.
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Top analyst Ali Martinez shared a technical analysis, indicating that Ethereum is forming a long -term head and shoulder mode. According to Martinez, ETH must maintain a higher level of $ 2,700 to maintain its bullish structure and prevent deeper corrections. The decomposition lower than this level may trigger the extended decoction stage, which further delays the potential rally of ETH to a new high.
Extreme fluctuation And the uncertainty dominated in the market is essential for Ethereum’s next step. If the Bulls managed to defend the main support, ETH may have a strong recovery, but not holding it may lead to a more unfavorable side. As investors evaluate the damage of the collapse of this weekend, everyone pays attention to whether ETH can stabilize and restore momentum in the next few days.
Ethereum faces a key challenge
Yesterday, the cryptocurrency market witnessed its largest liquidation activity in history, disappearing $ 2 billion in just a few hours. Fear has taken over. Due to the response to the upgrading of the tension of trade in the US market, investors are preparing for extreme fluctuations this week. Because uncertainty dominates the landscape, Ethereum has always been one of the most affected assets. With the intensification of panic sales, its value is a large part.
Since last Friday, the price of Ethereum has dropped by more than 37 %, marking one of its most sharp declines in recent years. The dramatic decline caused analysts to question whether ETH can maintain its long -term bullish structure or more in -depth correction.
Top -level crypto expert Ali Martinez shared Technical analysis on XIt seems that Ethereum seems to be forming a long -term head and shoulder mode. If this model is confirmed, ETH must maintain a key mark above $ 2700 to maintain its intact bullish structure. Losing this level may cause deeper selling. Before any recovery, it may push the price to a lower demand area.
However, if the bull successfully defends this key support, Ethereum can still hit the lost ground and aim at the long -term goal of $ 7,000. As traders evaluate whether this is temporary shock or the beginning of extension, the key to determining the trajectory of ETH in the next few days decline.
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With the fear of macroeconomic fear and the tension of trade war, the continued affecting market conditions, the price action of Ethereum will become a key indicator of more extensive emotions of investors. This week may set a tone for ETH’s movement in the next few months, which is the decisive moment of the second largest cryptocurrency.
Details of price action: watch the key level
After Ethereum (ETH), after a extremely turbulent Sunday, the current transaction price is $ 2,595, and its price drops to as low as $ 2,150. As ETH loses all the main level of support and is now looking for stable demand, the sharp decline has caused the bull to be unstable.
With the market that shakes and fears, ETH must maintain a result of more than $ 2,600 in the next few days to have the opportunity to recover. However, after such a large -scale liquidation incident, it may take time to re -obtain the driving force for bullishness, and the possibility of further downside is still high. When Ethereum strives to find its foundation, traders and investors are paying close attention to the key level.
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If ETH manages the level of $ 2,800 and pushes $ 3,000, then confidence can return to the market, which marks the first step of recovery. Prior to this, uncertainty is still the main force, and the potential of another leg cannot be ruled out. The next few days are important to determine whether Ethereum can rebound, or whether it will continue to fall to a lower level of support.
Featured images from Dall-E, chart of tradingView
