Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish

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Ethereum’s Price Trajectory Takes a Sharp Downturn

Ethereum Plunges Over 12% in 24 Hours as Market Suffers Steep Losses

The crypto market has taken a heavy hit, with Bitcoin falling below major support at $90,000 and shedding 6.9% over the past 24 hours. An already struggling Ethereum has fared even worse, with its price plummeting 12.6% in the same timeframe. Specifically, Ethereum broke below support levels at $2,600, $2,500, and $2,400 in quick succession.

SwallowAcademy’s Warning

This steep decline has aligned with SwallowAcademy’s warning about Ethereum’s weakness on smaller timeframes, further lending weight to the possibility of a more profound drop to $2,000. SwallowAcademy had initially emphasized that Ethereum remained in a solid buying zone due to the presence of EMAs at the $2,700 support. However, with price action shifting, the analyst acknowledges that bearish pressure on lower timeframes could open the door for further declines.

Bearish Momentum Could Extend to $2,000

The weakening weekly candle has tipped the scales towards more declines than a bullish uptrend, though it is still early in the week to decide. Cautions that it is still early in the week. Ethereum is already trading below the EMAs in the daily timeframe, so the crucial factor is whether it can hold above the EMAs in the weekly timeframe.

FAQs

Q: What happened to Ethereum’s price?
A: Ethereum’s price plummeted 12.6% over the past 24 hours, breaking below support levels at $2,600, $2,500, and $2,400.

Q: What is the current price of Ethereum?
A: At the time of writing, Ethereum is trading at $2,395.

Q: Will Ethereum’s price continue to decline?
A: Yes, the bearish momentum could extend to $2,000 if the current selling pressure continues and the price breaks below $2,200.

Q: What is the current sentiment around Ethereum?
A: The current sentiment is bearish, with the RSI yet to reach oversold conditions, indicating that sellers may still have room to push prices lower before exhaustion sets in.

Conclusion

In conclusion, Ethereum’s price trajectory has taken a sharp downturn, with bearish signals forming in smaller timeframes. The crypto market’s steep losses over the past 24 hours have strengthened the case for further declines for Ethereum. As the current selling momentum continues, the next major downside target is $2,000 before any notable bounce can occur.