Ethereum Price has made a strong collapse during the weekend, reaching a decrease of $ 1835, its lowest level since March 13. It decreased by more than 55 % of its highest level in 2024.
Why the Ethereum price shattered
Ethereum has been crashed due to the challenges of the ecosystem and the ongoing total factors. Internally, ETHEREUM decreased due to the continuous external flows at Spot Etherum Etfs.
Data by Sosovalue He explains that ETH ETFS had clear flows all days this month, unlike 2 and 28 March. This money has had a net cumulative flow of only $ 2.4 billion, up to 6 billion dollars.
Ethereum Atfs has significantly failed due to a lack of demand from Wall Street investors. Most of these investors prefer to keep and wander ETH, which earns them a good return of 3 %.
Read more: Prediction at ETHEREUM price after 238 billion dollars
The ETH price has been broken due to the high competition from the manufacture of Layer-1 and Layer-2. Most of its competitors come from 2 companies with 2 companies such as base and identification. These networks are known to have higher treatment speeds and low costs.
Ethereum also witnesses more competition from Layer-1 networks such as SUI, Solana and BNB. These factors explain why many analysts have warned that the ETH price can be disrupted more. For example, legal legal analysts reduced their goal by 60 % to $ 4,000.
ETH price is also due to the recent leadership crisis at ETHEREUM.
The price of Ethereum decreased due to technical weakness
Moreover, technologies indicate that the price of ETH has more negative side to go. The weekly graph shows that the ETHEREUM price made a risky pattern known as Triple-Top in 2024.
This pattern that was formed as the effect of moving over the main resistance point has failed at $ 4,036 three times. It has now crashed less than the important support level at $ 2,113, which is the neckline for this style and its lowest point on August 5.
Ethereum price has decreased to less than 50 weeks and 200 weeks (EMA). The intersection of these two averages will be a cross of death, one of the most dangerous patterns in the market.
The price of ETH also decreased to less than 61.8 % of Vibibonacci decline, known as the golden ratio at $ 1940. The RSI and MACD indicators indicated the bottom. Ethereum Coin has also formed the style of the downtown science chart, a popular continuity sign.
Therefore, the ETHEREUM price is likely to decrease as the seller targets the main support at $ 1500, a psychological point less than 20 % less than the current level. The step above the main resistance point at $ 2,113 will nullify the homogeneous expectations.
Read more: prediction at ETHEREUM price march: Is a 50 % decrease possible?
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