Ethereum Faces Key Support Levels as Price Struggles
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Key Support Zones Identified
Crypto analysts have highlighted a crucial support zone for Ethereum between $2,300 and $2,380, where 1.62 million addresses have accumulated over 50 million ETH. If ETH continues its downward trajectory, this zone could act as a strong support level, potentially preventing further declines. However, if Ethereum fails to hold this range, it could see a drop to $2,200 or even lower, revisiting levels not seen since February.
Market Analysts' Predictions
Some experts suggest that Ethereum's price could fall as low as $1,200 by the end of the year if current trends persist. Analyst Benjamin Cowen points to the potential collapse of the ETH/BTC trading pair, which he believes could trigger further devaluation of Ethereum against Bitcoin. Despite the bearish outlook, other analysts remain optimistic, predicting that Ethereum could still reach $10,000 in the long term, citing factors like increased ETF inflows and a potential breakout in late 2024 or early 2025.
As Ethereum navigates these turbulent waters, all eyes are on its ability to defend key support levels and whether it can recover from its recent losses.