The post Ethereum Price Could Plunge To $1,200 In December, Says Expert appeared on BitcoinEthereumNews.com.

Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out. Related Reading ETH’s Key Support Zone To Watch Out The crypto market has seen several retraces throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the “king of altcoins” has seen a 24% drop from the $3,400 support level. Following its fall below the $2,100 mark during the ‘Black Monday’ crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level. Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETH’s next step. Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereum’s performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH continues its downward trend. ETH’s next support area is in the $2,300-$2,380 price range. Source: Ali Martinez on X According to the In/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereum’s price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February. Will Ethereum Drop To $1,200 This Year? Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as “even giants will fall.” Top analyst Benjamin Cowen stated that the “collapse of ETH/BTC” is…

---

Filed under: News - @ August 17, 2024 4:22 am