Ethereum has seen some lackluster price action in recent times, largely facing sideways trading similar to that incurred by Bitcoin and the entire crypto market
It has posted some signs of weakness throughout the past several hours due to it dipping below its well-established trading range
This has led it down to what analysts are describing as a “crucial level,” and its reaction here could determine its fate in the months ahead
One venture capitalist is noting that it is imperative that the crypto makes a movement in the near-term, as its strength is degrading the longer it ranges sideways
Ethereum’s sideways trading over the past few weeks may soon draw to a close, as its ongoing break below a key support level will likely lead it down to a critical support level.
Analysts are noting that the reaction to this level could play a heavy role in determining which direction it trends throughout the second half of the year.
If it is unable to post a potent bullish reaction to this support, it could be a sign of underlying weakness signaling that further downside is imminent.
One venture capitalist believes that the chances of it entering a short-term downtrend are growing larger the longer it trades sideways without a clear trend.
Ethereum Inches Lower as One Venture Capitalist Forecasts Further Near-Term Weakness
At the time of writing, Ethereum is trading down by just under 1% at its current price of $228. This is around the level at which the cryptocurrency has previously found some significant support.
If buyers are unable to support it here and don’t boost it back into its previously established trading range between $230 and $250, the crypto could find itself caught within the throes of an intense downtrend.
One prominent venture capitalist explained that he does believe the chances of Ethereum seeing further downside are growing as the crypto continues “fading” at its current price levels.
“The longer BTC & ETH fade here the more likely we take another leg down to test key supports, despite the strong fundamentals of both. I would see this as more macro-jitters driven than specific to crypto’s future.”
Here’s the Crucial Level That May Determine ETH’s Future
One popular cryptocurrency analyst explained in a recent tweet that Ethereum’s reaction to the $220 region will be critical for determining where it will trend in the months ahead.
He notes that he is expecting it to bounce within this price region, but this may depend on Bitcoin’s price action.
“ETH LTF Update: Currently waiting to see if PA will take a dip down and fill some bids in this very strong $220 region which has been a crucial level for price action for a while now… I currently have orders ready to be filled there as would be expecting a bounce to $230.”
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It’s been weeks since ether has seen a new high or a new low and the market has found itself range-bound. At the moment, we are seeing signs of distribution as large rounds of selling have remained present during key support tests:Figure 1: ETHUSD, 4 Hour Candles, Trading RangeSo far, for the last few weeks, ether has seen a trend of higher lows and low highs (the converging red trendlines).
Once again, bitcoin finds itself precariously perched on the bottom of its macro trading range (TR). After a strong round of selling over the course of two weeks plunged the price back to the $6,000s, bitcoin began consolidating for several weeks at the bottom of the TR:Figure 1: BTC-USD, 1-Day Candles, Macro TRAs shown in the figure above, the market has interacted several times at the current price range and it has been a source of three major bullish rallies.
In two short weeks, ETHUSD has devalued by 50% of its market value. With little to no relief for the underwater bulls, ether seems to be accelerating downward as buyer confidence is lacking and showing signs of capitulation.
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There is a supremacy “war” going on between BTC and Bitcoin Cash but the common thing is that both are bleeding. At current prices, $600 is but some ticks away and that means caution since there have been reaction at this level when we point out Bitcoin Cash daily price chart.
Ethereum (ETH) is facing significant selling pressure, trading below the $1,900 mark as market uncertainty continues to weigh on price action. After losing the critical $2,000 level, ETH plunged as low as $1,750, marking its lowest point since October 2023.
Ethereum has experienced a massive price surge, jumping from the $2,200 level to $2,500 in just a few hours. This comes after a period of extreme selling pressure that saw ETH drop as low as $2,080 on Friday, leading analysts to expect further declines.
Ethereum is trading below the $2,300 mark after failing to hold key demand levels last week. The price has faced intense selling pressure, fueling concerns among investors that ETH may not see a strong bull market ahead.
In line with major losses across the crypto market, Ethereum (ETH) declined by 17. 08% in the past week reaching as low as $2,104. While the prominent altcoin has shown some minor gains in the past 12 hours, the general market sentiment remains bearish.
Ethereum has experienced a massive drop, losing over 27% of its value in less than five days as the market faces extreme fear and uncertainty. The rapid sell-off has fueled speculation that a bear market could be on the horizon, with many analysts calling for further downside in the coming months.
Amid the market retrace, Ethereum (ETH) has lost its key $2,600 support zone and fallen below the next crucial level. As the second-largest cryptocurrency by market capitalization attempts to hold its current range, some analysts predict a 6% drop could be coming.
Ethereum has been struggling below the $2,800 mark for weeks, unable to reclaim it as support and spark a recovery rally. This critical resistance level has kept bulls at bay, leaving the price action stagnant and fueling negative sentiment in the market.
