Ethereum At Risk Of Further Decline: Top Investor Sets $2,150 Target If Support Breaks
04 October 2024 - 10:30AM
NEWSBTC
Ethereum has seen a 15% drop since hitting its recent high of
$2,729 last Friday, leaving analysts and investors feeling
frustrated with the price action. Many expected the bullish trend
to continue, but Ethereum has struggled to maintain upward
momentum. Concerns are mounting as some market observers
predict a deeper decline, possibly falling to yearly lows around
$2,150 if the current support level fails to hold. This has
reignited fear and uncertainty across the market as Ethereum’s
price sends mixed signals. Related Reading: Can SUI Break Past $2
Resistance? On-Chain Metrics Reveal Growing Demand The recent
decline has shaken confidence, and market participants anxiously
await a clear direction. Analysts are closely watching Ethereum’s
next move and whether it can reclaim support levels to resume an
upward trajectory. The coming days are expected to be crucial
for Ethereum’s price action, with investors bracing for heightened
volatility in response to these shifting market conditions.
Ethereum Testing Crucial Support Line Ethereum is now trading at a
critical juncture that could define its direction in the coming
week. Price action over the next few days is expected to be pivotal
for Ethereum and the entire altcoin market. Analysts closely
monitor whether ETH can maintain its strength as the second-largest
cryptocurrency by market cap. Failing to hold above key support
levels could signal a broader market decline. Analysts and
investors eagerly await an Ethereum recovery as it hovers above a
crucial support line that could be the launchpad for a rally to new
highs. One top analyst, Carl Runefelt, recently shared his insights
on X, highlighting the current trendline supporting ETH
price. In his technical analysis, Runefelt warns that the
price could drop significantly if Ethereum fails to hold this
trendline. If the price breaches this support, he identifies $2,150
as the next potential target. Related Reading: Solana (SOL) Holds
Above $140 As Funding Rate Signals Bullish Momentum A fall to these
levels would likely shake out many investors expecting a bullish
continuation in the weeks ahead. If ETH loses this key support, it
may lead to uncertainty and heightened volatility. This fall would
keep market participants on edge while waiting for the next move.
ETH Price Action Details Ethereum (ETH) is trading at $2,350 after
failing to establish a higher high above $2,820. This recent price
action has disappointed bulls, as ETH has lost crucial support
levels, including the 4-hour 200 exponential moving average (EMA)
at $2,542 and the simple moving average (MA) at $2,466. These
indicators are key in determining short-term trends, and their loss
as support has raised concerns about further downside risk. For the
bulls to regain momentum, ETH must break above the 4-hour 200 EMA
and the 4-hour MA and successfully hold these levels as support.
Reclaiming these indicators would signal renewed strength and pave
the way for another attempt to increase prices. Related Reading:
Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A
Slow Demand However, a deeper correction is likely if Ethereum
fails to recover these levels. Key support around $2,100 becomes
the next target, with the potential for even lower prices.
Investors are closely monitoring these levels, as the coming days
will be critical in determining whether ETH can recover or continue
its downtrend. Featured image from Dall-E, chart from TradingView
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024