Ethereum, the second largest Altcoin is stuck in Rut for a long time. ETH price has crashed more than 60% from its ATH at $ 4864 dropping to $ 1703.
All though the altcoin surged near $ 2K multiple times, ETH Price failed to rise above. The second largest Crypto hit $ 1,724, the lowest level in this cycle.
ETH Price Analysis
At the time of writing, the Ethereum price is trading below the major resistance level $ 1,800.
The Altcoin started a fresh decline below $ 1800 level and is currently hovering at $ 1760. The Altcoin price is swinging in this range almost for a week.
At present, the initial support lies at $ 1700 level if the bulls fail to maintain above this level, ETH price might drop to $ 1650. On the upside, if bulls successfully surge above $ 1800, we can expect ETH price to test $ 1850.
Further if the market conditions goes in favor of bulls ETH might hit $ 1920 level. However, this seems to be more unlikely.
Overall, Ethereum price is breaking to the downside, and it is likely to break down heavily to gain more downtrends.
Ethereum Price To Drop 20%
Popular crypto analyst with Twitter handle, altcoinspera, warns Ethereum traders as the second largest Altcoin is primed crash more heavily.
The analyst shares a chart explaining ETH Price is at risk of dropping more than 20% if the Altcoin fails to hold $ 1,750 to $ 1,757 level.
Considering the historical chart, the current ETH price action is quite similar to that of May 2021. As per the chart, Ethereum might be going through 3 distinct phases which convince traders that the price action looks extremely bearish before it bottoms out and rallies.
Overall, the analyst is not completely sure if ethereum Price will rally anytime soon. However, the aforementioned capitulation level is important to maintain.