Ether （ETH） is holding tight to a critical support level, with a potential decline below $2,800 if it fails to hold. This article explores the implications of Ether’s price movements and what traders can expect.
Points
- Ether is at a crucial support level.
- A drop below $2,800 is possible.
- Market analysts provide insights into potential price movements.
Ether （ETH） is currently holding tight to a critical support level, facing a tipping point that could lead to a decline below $2,800 if it fails to hold. Crypto traders are closely monitoring this situation, with potential impacts on the broader market.
“Ethereum is holding onto the crucial area of support,” MN Trading founder Michael van de Poppe wrote in an August 3rd X post. Van de Poppe further explained that if it fails to maintain this level, it may impact Ether （ETHUSD） around a further 4%, and push Bitcoin （BTCUSD）, which is trading at $60,717, further down into an uncertain range for traders.
“If this support is lost, Bitcoin is likely going to test $60K, and Ethereum will test below $2,800 as the final big correction,” Van de Poppe claimed.
Other traders also suggested that Ether’s price might drop below $2,800 before any recovery begins.
“The only other level which seems price could go before a full-blown reversal would be around $2.7K,” pseudonymous crypto trader Crypto Wealth wrote.
“At this point, the price should sweep the 2800 lows and test the weekly demand, $2500-$2700,” pseudonymous crypto trader Poseidon added.
Ether is currently trading at $2,885 at the time of publication, down 11.09% since July 28, according to CoinMarketCap data.
A slight decline to $2,800 will wipe out $259.46 million in long positions, according to CoinGlass data.
Given Ether’s current volatile range, van de Poppe pointed out that there’s also potential for a rebound in the near term.
“If that doesn’t happen and we rotate back up from here, it’s party time,” he stated.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
解説
- Ether is currently at a critical support level, and a failure to hold this level could result in a decline below $2,800.
- Market analysts provide various perspectives on the potential price movements and implications for traders.
- The article highlights the importance of monitoring support levels and understanding market trends.