Here is the rewritten content:
Ethereum Faces Potential Decline to $1,155
Reason to Trust
The highest standards in reporting and publishing
Ethereum’s Price Downtrend Continues
As Ethereum (ETH) continues to experience a significant price downturn, recording a 17% drop over the past month, key resistance levels have emerged as critical points for the second-largest cryptocurrency. Analysts suggest that these levels could ignite a potential trend reversal if reclaimed.
Ethereum Faces Potential Decline to $1,155
In a recent update shared on social media platform X (formerly Twitter), crypto analyst Ali Martinez highlighted two pivotal price points for Ethereum’s immediate future. The first, set at $2,100, is seen as a necessary threshold for initiating a new upward trend. However, the $2,300 mark is regarded as a "more decisive" level that Ethereum must breach to confirm a bullish reversal.
Related Reading
Martinez’s analysis, based on the one-day chart seen below, indicates that if Ethereum fails to reclaim these levels, it may lead to a further decline.
Key Price Points for ETH on the Daily Chart. Source: ETHUSDT on TradingView.com
The next target points to watch would be $1,600 and $1,155, levels that could indicate a new downtrend. Such a decline would represent additional losses of 12% and over 37%, respectively, marking a troubling continuation of Ethereum’s worst first quarter in its history.
ETH’s Largest Accumulation Zone Under Threat
Market intelligence firm Glassnode has indicated that ETH’s Cost Basis Distribution shows limited support near current prices. Weekly data suggests that addresses with a cost basis around $1,800 have not re-engaged. Many investors are reportedly selling at a loss, further adding to the current price uncertainty.
Conclusion
In conclusion, Ethereum’s price downtrend continues, with key resistance levels emerging as critical points for the second-largest cryptocurrency. Analysts suggest that these levels could ignite a potential trend reversal if reclaimed. However, the next target points to watch would be $1,600 and $1,155, levels that could indicate a new downtrend.
Frequently Asked Questions
Q: What is the current price of Ethereum?
A: The current price of Ethereum is $1,830.
Q: What is the expected price of Ethereum if it reaches the next target point?
A: The next target point is $1,155, which could indicate a new downtrend.
Q: What is the expected price of Ethereum if it reaches the largest accumulation zone?
A: The largest accumulation zone is at $1,537, where nearly 994,000 ETH was acquired. If the downtrend continues, this level is expected to serve as structural support in the near term, potentially providing a buffer against further declines.
Q: What is the expected price of Ethereum if it reaches the next target point?
A: The next target point is $1,600, which could indicate a new downtrend.
