Ethereum

ETH Down -20%, will Ethereum crash to 1000 $?

11/08/2022
Bitcoin Ethereum News

The crypto market crashed hard as FTX announced its acquisition by Binance. Crypto prices were down by more than 12% in the past 24 hours alone, wiping out most gains from the past 2 weeks. Ethereum specifically is showing weak technicals. Its prices risk falling lower. Will Ethereum crash to 1000 $? Let’s analyze in this Ethereum price prediction article.

Ethereum price Crash: What happened to Ethereum Today?

As the news about FTX being insolvent surfaced, the crypto market reacted negatively to this news. Typically, when crypto dumping occurs, they lead to lower prices. This creates fear in the crypto market, prompting crypto investors to liquid further as stop-loss triggers start to liquidate spot and leveraged positions.

Ethereum specifically crashed from a price of $1,650 and reached the current low of $1,325. Prices went back to the strong consolidation area between $1,240 and $1,450.

ETH/USD 1-day chart showing the Ethereum crash
Fig.1 ETH/USD 1-day chart showing the Ethereum crash – GoCharting
exchange comparison

Ethereum Price Prediction: Will Ethereum crash to 1000 $?

Now that we established the consolidation area of Ethereum, it is easier to estimate whether prices will crash any further. Of course, it all depends on the general crypto market and the development of the Binance FTX events. However, Ethereum might crash to 1000 $ if its prices establish themselves in the following few days below $1,240. In fact, this price was breached for a very brief time today.

If Ether drops below $1,240 on the daily charts, we can confirm an Ethereum price reach of $1,000 again. However, prices can still rebound from the current price of $1,325 and reach the support of $1,430 again. This would confirm the continuation of the consolidation that was established previously.

ETH/USD 1-day chart showing Ethereum reach 1000$ potentially
Fig.2 ETH/USD 1-day chart showing Ethereum reach 1000$ potentially – GoCharting

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Source: https://cryptoticker.io/en/ethereum-price-prediction-will-ethereum-crash-to-1000/