Where is Ethereum (ETH) Heading? 20% Crash or Renewed Rally for Ethereum (ETH) In The Near Term? Analysts Weigh In

Key Points:

- Ether – or Ethereum (ETH) – has declined by 11% within the past month; certain analysts have claimed that should major support levels give way, the price of Ether could slump down to $1,800, though.

- Some other analysts expect a bounce and actual bear trap pattern and historic patterns indicate a bounce.

ETH Facing Potential Further Decline?

Ethereum (ETH) was one of the worst-performing cryptocurrencies within the last month out of top 10 as its value dropped to 11%. Over the last one day, ETH continued to free fall and is now down to $2,300 after shedding another 4% as per the data on CoinGecko.

There are mixed opinions from popular analyst who may be known as Ali Martinez, he further opined that the decline could follow suit. He draws attention to the $2,290-$2,360 range as the pivotal area of support, through which about 1. While 9 million addresses contain roughly $ 52. 3 million’s worth of ETH. Martinez says that if the price drops below this zone, ETH has the potential to plunge to $1,800 or 20%. Quite recently, ETH’s price even dipped to $2,260.

There are some factors on the blockchain which indicate further corrections could be possible. For example, the In the Money which represents ETH investors with paper gains, have reduced by 0. 19%. As of now, 54% of investors in ETH are in profit; the 39% investors are in loss.

Is There a Bullish Case for Ethereum?

There are other analysts who expect a much bullish outlook for Ethereum as opposed to predictions made by the bears. X user Phoenix predicts ETH has formed a bear trap for it to rise in the coming months.

Another analyst, Javon Marks says that the current Ethereum price has a similar structure of 2023 when the asset surged and had a 165% price rise. In a similar manner, Marks aver that ETH could target $4,723. 5 and if it crossed this level it might even touch the figure of $8,100 that is almost 2X of the present price level.

Additionally, ETH's Relative Strength Index (RSI) has recently dropped to around 30, which indicates that the asset is oversold. This RSI reading is often seen as a sign of a potential rally. Conversely, an RSI above 70 could signal an overbought market, typically followed by a correction.

As Ethereum continues to face mixed predictions, investors will need to closely watch whether key support levels hold or if ETH can begin a renewed rally in the short term.

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