The post Ethereum Price Risks Of Falling If It Loses This Key Support Level appeared on BitcoinEthereumNews.com.

The Ethereum price has noted highly volatile trading lately, moving between the $2,600 and $2,300 range. However, amid this, a prominent crypto market has highlighted a key support level, falling below which could trigger a further selloff in the Ether market, potentially dragging its price down. In addition, a flurry of factors are also in the play, that could potentially influence the ETH price in the coming days. Ethereum Price At Risk Of Further Decline In a recent analysis, shared on the X platform, renowned crypto expert Ali Martinez identifies $2,300 as a crucial support level for the Ethereum price. He noted that more than 2.4 million addresses have purchased 5.6 million ETH at this level. Source: Ali Martinez, X Having said that, he predicts that if Ether falls below this level, it could trigger a selloff, as investors might choose to minimize their losses. In other words, Martinez issued a stark warning that falling below the $2.3K level could lead to a further dip in ETH price. In another analysis, Martinez said that Ether tends to see a strong correlation whenever it breaks below its TD setup support trendline. Considering the past patterns, the average of such drops is around 53%, which could cause trouble for the crypto. In that analysis, he noted that if the second largest crypto by market cap loses the $2,250 support, a significant price drop may follow. Source: Ali Martinez, X However, despite these, some analysts have remained bullish on the crypto’s long-term potential. A popular crypto analyst, known as EᴛʜᴇʀNᴀꜱʏᴏɴᴀL on X, said that Ethereum is now at the final stage of its accumulation process, readying for a major bull run in 2025. He has cited historical trends to support his comments. Source: EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, X What’s Next For ETH Price? The Ethereum price…

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Filed under: News - @ October 13, 2024 2:33 am