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ETHEREUM prices took a sharp contraction, as technical analysis showed a potential collapse to $ 2000. Crypto Swallowacademy analyst told Tradingview that some descending signals are formed in smaller time frames, especially since buyers have failed to maintain a major support zone at a price of $ 2,700. It is worth noting that the broader stagnation in the market over the past 24 hours has been reinforced only The case to More declines for Ethereum.
Ethereum drown more than 12 % in 24 hours, as the market suffers from severe losses
The encryption market has achieved great success Bitcoin decrease under the main support At $ 90,000 and watering 6.9 % over the past 24 hours. Eathium is already struggling It was worse, With a decrease of 12.6 % in the same time frame. In particular, Ethereum erupted to less support levels at $ 2600, $ 2,500, and $ 2,20000 in rapid sequence.
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This sharp decrease may agree with Swallowacademy Warning About ETHEREUM’s weakness on smaller time frames, which leads to weight gain to the possibility of a deeper decrease to $ 2000. Swallowacademy initially confirmed that ETHEREUM remained in a strong purchase due to the presence of Emas with a value of $ 2700. However, with the transformation of price movement, the analyst admits that the declining pressure on low -time frameworks can open the door for more declines.
Interestingly, the collapse of the ETHEREUM price during the past 24 hours was a surprise, as Bulls managed to adhere to the main support level of $ 2700 Despite the failure Beit 1.5 billion dollars that occurred throughout the weekend.
Although the immediate repercussions are from the stock exchange PenetrationIt seems that the market is now suffering from a late reaction, and fear is gradually putting among investors. This is the increasing uncertainty, along with Continuous external flows Crypto Investment products, including instant bitcoin and Ethereum Spot boxes, added more downward pressure on ETAREMM price.
As the current Ethereum Daily candle in the hands of the sellers, without any signs of reducing pressure. This is a major change in the feeling of a strong purchase previously.
The dumping momentum can extend to $ 2000
The weak weekly candle has decreased standards towards more declines than the upward upward trend, although it is still early in the week. It warns that he is still early in the week. ETHEREUM is already traded below the Emas in the daily time frame, so the decisive factor is whether Emas can go beyond the weekly time frame.
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If the current sales momentum continues and prices collapsed to less than $ 2200, the next main negative goal is $ 2000 before any marked bounce occurs.
At the time of writing this report, ETHEREUM is traded at $ 2,395 and is at a risk of further decline in the next 24 hours. Despite the sharp decrease, RSI has not yet reached sale conditions, which means that sellers may still have room to pay prices to a decrease before exhaustion is operated.
Distinctive image from Adobe Stock, Chart from TradingView.com
