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Ethereum (ETH) has seen a 17% drop in the last month, trading below $1,850 for the past few days. Amid its current performance, an analyst has warned investors the cryptocurrency risks dropping to 17-month lows if it fails to reclaim key resistance levels.
Ethereum has been trading below a key support zone for the past two days, hovering between $1,750-$1,840 after failing to recover the $1,900 mark on Wednesday. The second-largest cryptocurrency by market capitalization lost its 15-month range in early March, dropping below $2,100 for the first time since December 2023.
Since losing this level, ETH has seen its worst performance in seven years, recording a negative monthly close for the fourth consecutive month. Analyst Rekt Capital highlighted that this performance validated Ethereum’s double top formation that developed within its $2,196-$3,904 Macro Range.
After breaking down from this range, Ethereum trades within a historical liquidity pool, between the $1,640-$1,930 range, and “effectively has positioned itself for a bearish retest” of the range’s top with its monthly close within this area, which could turn this level into a new resistance.
Conclusion
In conclusion, Ethereum faces significant challenges in the short term, with a risk of dropping to 17-month lows if it fails to reclaim key resistance levels. The cryptocurrency has been trading below a key support zone for the past two days, and analysts are warning of a potential bearish retest of the range’s top.
FAQs
Q: What is the current price of Ethereum?
A: As of this writing, Ethereum trades at $1,808.
Q: What is the analyst’s warning about Ethereum’s price?
A: An analyst has warned that Ethereum risks dropping to 17-month lows if it fails to reclaim key resistance levels.
Q: What is the historical liquidity pool that Ethereum is trading within?
A: Ethereum is trading within a historical liquidity pool, between the $1,640-$1,930 range.
Q: What is the potential outcome if Ethereum breaks out of its current range?
A: If Ethereum breaks out of its current range, it could trigger a push to the $2,150 resistance and potentially a 20% rally.
