Ethereum price down 15% in the past 24 hours, actually making it one of the worst-performing cryptocurrencies in the top 20
Ethereum price has been falling for the past few days after hitting $ 490 at the start of the week. At press time, ETH is trading around $ 326, down more than 15% over the past 24 hours. Previously, ETH hit a low of $ 315 just a few hours ago.
Ethereum price has dropped 15% over the past 24 hours, making it one of the worst-performing names in the top 20
Analysts contend that Ethereum can stretch to a decline, even after a drop of more than 30% in about 48 hours.
According to the crypto trader and chartist CryptoHamster, ETH yesterday lost a significant level of support. At the time, if Ethereum lost the support shown on the chart, then there could be a move towards $ 290, as that’s where macro support for the coin is.
“#Ethereum has formed a broadening formation that normally has no preferred direction of a breakout. The bottom of the formation matches a long-term S/R level. If it is broken, the next potential target is at ~290$ – the second support and a 50% Fibonacci retracement.”
Other analysts are eyeing $ 290, not just the one mentioned above.
Trader Cactus notes that on a macro scale, $ 295 is a level that Ethereum must hold to maintain an uptrend.
“Truth of the matter is that our region around $295 is the strongest level of support we have on weekly plus timeframes, this would be a major buying region… Personally I have added here at $350, this was my first buy fill in the past few months, next bid $320!”
A good start for ETH is also suitable for BTC
A good start to the Ethereum bull case is when BTC is also ready to recover from here.
Crypto analyst Michael believes that since Bitcoin hit the liquidity pool as low as $ 10,000, a rally is probable.
Specifically, the visit to its liquidity region at $ 9,900, followed by a support-resistance flip of $ 10,000, suggests that a bounce up towards $ 11,000 is imminent:
“Finally, liquidity at the lows taken. Reclaim of $10,000 would mean an S/R flip and a very possible chance we’ll look for liquidity above the range highs. That would suit a bounce towards $10,750-10,900, and the majority of the markets bounce 25-40%.”
Whether or not bulls can continue holding Bitcoin above $ 10,000 should offer some insight into its near-term outlook. However, exactly how this translates into ETH price action remains to be seen.
You can see the ETH price here.