Ethereum, the second-largest cryptocurrency by market capitalization, has been on a rollercoaster ride in recent months. After reaching an all-time high 1 of nearly $4,900 in November 2021, the price of Ethereum plummeted to around $880 in June 2022. Since then, it has recovered somewhat, but it is still down significantly from its pe
Analyst Predicts Further Decline
Now, one analyst is warning that Ethereum could crash to as low as $1,700 if a key support level fails. The analyst, who goes by the name of [analyst’s name], says that Ethereum is currently trading in an ascending channel, and if the price breaks below the lower trendline of this channel, it could fall sharply.
Support Level at $2,500
The support level that the analyst is referring to is currently around $2,500. If the price of Ethereum falls below this level, the analyst believes that it could drop all the way to $1,700. This would be a decline of more than 30% from the current price.
Reasons for the Potential Decline
The analyst cites a number of reasons for the potential decline in Ethereum’s price. One reason is the overall bearish sentiment in the cryptocurrency market. Another reason is the upcoming Ethereum Merge, which is expected to take place in September. The Merge is a major upgrade to the Ethereum network, and there is some uncertainty about how it will affect the price of Ethereum.
What Investors Should Do
The analyst recommends that investors keep a close eye on the $2,500 support level. If the price of Ethereum falls below this level, investors may want to consider selling their positions. However, if the price of Ethereum remains above this level, investors may want to hold on to their positions.
Conclusion
The price of Ethereum is currently in a precarious position. If the key support level of $2,500 fails, the price could fall sharply. Investors should keep a close eye on this level and be prepared to sell their positions if it breaks.
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