The mushrooming tensions between Russia and Ukraine have dampened the sentiments once again. The largest cryptocurrency and other altcoins declined into red territory. ETH is down 10% as it broke the $2,400 level while Major altcoins suffer double-digit loss.
Ethereum Price Analysis
The second-largest cryptocurrency initiated a fresh decline and plunged below $2500. The downtrend continues and the altcoin might remain at risk of plunging below $2220.
At present, the initial support lies at the $2,300 level, If the ETH price fails to start a recovery wave at this level, it might test the next support level at the $2,250 level. However, In an extended downtrend, the price might even plunge below $2k. In this case, the bears might aim to move towards the $2,050 level in the near term and avoid further loss.
On the upside, immediate resistance is near the $2,400 level. The first major resistance is seen near the $2,500 and $2,520 levels.
Also Read : Ethereum (ETH) Price Plunged Below $2.5k, Yet $10k Seems Imminent This Year. Here’s Why?
Is ETH Price set for a prolonged correction?
Benjamin Cowen, a well-known crypto expert, feels Ethereum’s (ETH) corrective period is still ongoing.
Cowen tells his YouTube subscribers in a new strategy session that he’s keeping a careful eye on Ethereum’s reaction as it approaches a bull market support band.
A technical indicator that combines the 20-week simple moving average (SMA) and the 21-week exponential moving average is known as the bull market support band (EMA).
Ethereum’s inability to even reach the bull market support band before starting its downturn, according to Cowen, is a clear sign of weakness.
He says that it appears that we are being rejected in some way. We didn’t even make it there if you zoom in. We didn’t even get it to the 21-week EMA before being turned down, which, to be honest, appears to be fairly poor.
ETH/BTC
Ethereum against Bitcoin (ETH/BTC) is likewise negative, according to the crypto expert, after failing to retake the bull market support band.
He further mentions that additionally, the Ethereum/Bitcoin valuation is being rejected by its own bull market support band. “It’s difficult for me to claim that one of them seems bullish. ‘Look, either Bitcoin or Ethereum appears bullish,’ I find it difficult to say. Neither of them appears to be bullish right now.”
Cowen sees Ethereum, the top smart contract platform, selling below $2,000 as a bearish target.
He says that ETH Price is still very much in the macro range of roughly $1,700 to a little over $4,000. But he believes it’s more likely that we’ll drop back down and retest $1,700 at the very least.
Source: https://coinpedia.org/ethereum/ethereum-eth-price-to-plunge-more-heres-how-low-it-can-slip/