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Amid the market recovery, ETHEREUM (ETH) lost the main support area of $ 2600 and decreased below the next decisive level. As the second largest encrypted currency through the attempts of market value for its current domain contract, some analysts expect it to be a 6 % decrease.
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ETHEREUM risks decrease to $ 2,180
In the aftermath of the Crypto Exchange penetration of $ 1.5 billion, the encryption industry has seen the market correction that sent most encrypted currencies to less than the main support levels. Bitcoin price fell to less than $ 90,000 for the first time since November.
Meanwhile, Solana, one of the most leading cycle in the cycle, decreased by 30 % in five days, becoming its lowest level for five months. However, the price of Ethereum resides relatively well compared to most cryptocurrencies despite his account of $ 1.2 billion of stolen assets in penetration.
“King of Altcoins” initially decreased by 10 %, and survival about pre -communication breakthrough levels during the weekend, but failed to maintain 2600 dollars after the resumption of the market collapse on Monday.
The encryption analyst Ali Martinez had previously warned that this level was a key to the continuation of the bullish trend of the encrypted currency, and that the failure to keep this support area will send the price to a mark of 24,000 dollars.
After the decrease, the analyst stated that the level of $ 2,425 is the most important support zone in ETHEREUM, with 103.33 million ETH 63.43 million ETH. However, the cryptocurrency failed to keep this level on Wednesday, as it decreased to 2300 dollars during the past 24 hours.
Martinez to caution ETHEREUM needs to retain the 2.345 support level now, as it bought 2 million investors 58.88 million ETH. If it is less than this level, millions of investors will be in red numbers.
Analyst Karl Ronville also warned of the current levels of ETH, indicating that Ethereum has risked another 6 % reduction. The analyst advised investors to monitor the declining flag that is formed in the scheme every hour of ETHEREUM last day, where the ETH price can be sent near the support line of $ 2000.
If the cryptocurrency fails to retain $ 2,320-2,330 dollars, the ETHEREUM price aims to collapse to $ 2,180.
Short -term gathering or coming side move?
TED Pods Cross Analyst High ETH’s bullish difference in the chart for 3 hours, indicating that “the short-term gathering is about 2600 dollars -2,700 dollars appears to be possible.” However, he pointed out that a possible bounce can be “dead in the bounce”.
Meanwhile, altcoinherpa Shown The cryptocurrency can move sideways for the next few months, noting the performance of ETH after the loss of support of $ 2900 in August 2024.
ETHEREUM moved within the price range between $ 2100-2,800 dollars from August to November 2024, with the second largest price encryption price that started to look like last summer.
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Another market observer also suggested that the altcoins king needs an extended accumulation period to try to restore higher levels, as it appears during the collapse of FTX, the surrender of 2023, and the summer of 2024. Accordingly, ETH can move within its current range for two to three months.
Finally, Titan of Crypto Duplicate Outside a WyckFF examination pattern in the weekly scheme of ETH. He stated that Ethereum seems to test his main level after the outbreak to confirm the continuation of the direction. For each job, if the level of $ 2,140 is fixed, there is a “spring and a potential gathering”.
As of the writing of these lines, ETHEREUM is trading $ 2,324, a 15 % decrease in the weekly time frame.
Distinctive photo of Unsplash.com, Chart from Tradingview.com
