Ethereum (ETH) price suffered amid another market shakeout. The second-largest cryptocurrency by market cap fell below the $2,600 support area for the third time in the past week, prompting crypto analysts to assess the next levels to watch.
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Key ETH Support Area to Watch Out For
The cryptocurrency market has seen several pullbacks during the cycle, with cryptocurrencies like Ethereum falling significantly since the start of the third quarter. Since July 1, the “king of altcoins” has seen a 24% drop from the $3,400 support level.
After falling below $2,100 during the Black Monday crash, Ethereum has been hovering between $2,300 and $2,700. The cryptocurrency has recovered about 18% of its price and is trying to reclaim the $2,600 level.
However, the recent market turmoil has seen the price retest the strength of the $2,500 support zone three times in the past two weeks, making experts wary of what ETH might do next.
Popular cryptocurrency analyst Ali Martinez has stated that investors should watch out for a key support area following Ethereum’s performance. According to Martinez, the $2,300 to $2,380 price range should be monitored if Ethereum continues its downtrend.
According to the chat shared by Martinez about the cryptocurrency price (IOMAP), 1.62 million addresses have bought over 50 million ETH in this area, making it the next support wall for Ethereum price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February.
Will Ethereum Drop to $1200 This Year?
Other experts have pointed out that the second-largest cryptocurrency could see its price drop, as “even the giants will fall.” Prominent analyst Benjamin Coon stated that the “ETH/BTC crash” is almost complete.
A year ago, Cowan predicted that the collapse of the trading pair would “mark the end of altcoin arithmetic.” He explained that “altcoin arithmetic” refers to the decline in the value of altcoins on their Bitcoin pairs.
The analyst added that the ETC/BTC pair was “the last pair to rise in an uptrend and may be the last pair to fall in a downtrend.” For him, the trading pair has another four months before it rises next year.
In addition, Kaun expected Ethereum price is expected to reach the $1,200 range in December if it performs similarly to the last two cycles.
Cryptocurrency investor Ted Bellows has urged investors to stay strong in turbulent waters, suggestion Reaching $10,000 is still possible. For the trader, the “king of altcoins” is not dead yet based on various factors.
Ted confirmed that inflows to Ethereum ETFs have increased while outflows from Grayscale have become progressively smaller, and that Jump Trading only has about $60 million worth of Ethereum to sell.
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Moreover, Ethereum is “strongly holding its support level,” which he considered the most important factor. Ultimately, the investor expects the consolidation breakout to occur between November and December, while the “parabolic path” will begin in the first quarter of 2025.
Featured image from Unsplash.com, chart from TradingView.com
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