$ 115,736.3
BTC
-2.16 %
$ 3,690.80
ETH
1.61 %
$ 0.8008
ADA
-0.29 %
$ 771.37
BNB
0.78 %
$ 180.09
SOL
-2.48 %

Sujit Kumar
Aug 17, 2024

Ethereum Faces Key Support Levels as Price Struggles

Ethereum Faces Key Support
Ethereum (ETH) has faced significant challenges as it struggles to maintain its price above the $2,600 support level. For the third time this week, ETH has dipped below this critical threshold, sparking concerns among analysts about the cryptocurrency’s near-term outlook.

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.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Ethereum Faces Key Support Levels as Price Struggles
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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