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On Tuesday, Ethereum (ETH (ETH) worked the $ 2,000 support zone, which for the first time was below this level in more than a year. Some analysts suggested that the second largest crypto risks a correction of 40%, because his price tries to keep his support level between heaven and hell ‘.
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Monday Dump sends Ethereum to 15 months low
Ethereum has fallen to an annual low of $ 1,993, according to data from Binance Market. The cryptocurrency has fallen below $ 2,000 for the first time in 15 months and reached the lowest price since the end of November 2023.
In the midst of February market strands, ETH could not hold the level of $ 3,000, with floating between the price range of $ 2,500 and $ 2.8’00 for the most part of the month, despite the market crash from 3 February to $ 2,100.
In the correction of the end of the month, however, Ethereum bleed 17% to a new low of $ 2,076. Per Coinglass FactsThe king of Altcoins closed last month with a decrease of 31.95% and registered his first February close to red numbers since 2018.
ETH recovered 17%on Sunday, in an attempt to reclaim the resistance level of $ 2,500 after the US President Donald Trump had announced the establishment of a ‘crypto strategic reserve’ that Bitcoin and Ethereum ‘in the heart’ will have it.
On Monday, ETH fell below $ 2,000 during the market landfill and the risks of another 40%. Ali Martinez marked That Ethereum could fall as low as $ 1,250 if it does not get some important levels back.
The analyst noted that Ethereum consolidates in a parallel channel since 2024, bouncing from the upper limit of the canal to the middle or lower limit before bouncing back to the upper zone.
Nevertheless, ETH broke below the lower limit of the channel after last week to fall below $ 2,200. If the cryptocurrency does not recover the lower limit of the channel, the price can go back to the $ 1,600 or even $ 1,250 support zones.
Martinez noted that Ethereum’s most critical resistance barrier is the $ 2,400, where more than 2.41 million investors bought 62.68 million ETH. For the analyst, an outbreak above this level could “delete the path for a meeting to $ 3,000.”
ETH follows the Playbook of Bear Market Years?
Ethereum re -tested The barrier ‘Between Heaven and Hell’, some market guards pointed out that the recent performance of ETH resembles the 2018 and 2022 price action.
According to the Pseudonym Trader 5.0, the King of Altcoins is “after 2018 and 2022 Beren Marktprijs promotion.” The graph to show That ETH fell steadily during those years and in 2018 and 2022 with 82.71% and 68.29% were withdrawn.
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The cryptocurrency saw small price rallies in the first six months of both years, but continued the downward trend. ETH has fallen 36.4% year-to-date (YTD), with a similar performance such as the aforementioned years.
Another trader suggested That Ethereum fell 60% from $ 4,200 to $ 1,800 last cycle before he pumped 170% to his $ 4,800 All-time High (ATH) in the coming months. Based on the Playbook of 2021, the cryptocurrency can continue its negative performance before recovering at the end of the year.
At the time of writing, ETH has recovered almost 7% compared to the decrease below $ 2,000 and acts at $ 2,135.
Featured image of unsplash.com, graph of TradingView.com
