Crypto traders fear that the Ethereum (ETH) price could drop to $1,700, causing a “turbo bomb” in the altcoin market and disrupting the market structure of a faltering bull market.
Analysts say Ethereum price could drop to $1,700 in the current climate
The current volatility continues to drive Bitcoin (BTC) and Ethereum (ETH) prices down, prompting investors to reconsider their short-term prospects. Bitcoin price momentarily dropped below $40,000 on February 17, while ETH failed to defend the $2,900 support, raising the probability of collapse to $2,500. After gaining support at $2,900 earlier today, Ethereum weakened by a wave of selling and touched the intraday low of $2,707, according to data from TradingView.
Here’s what analysts have to say about Ethereum’s price drop and whether more downside is on the way as global tensions continue to escalate…
The next target for Ethereum is $1,700
Crypto investor and Twitter analyst nicknamed “Crypto Tony” offered a fundamental assessment for Ethereum and posted the chart below discussing support and resistance zones to watch.
Analyst says:
For me, the $3,900 zone remains vital in Ethereum and if we can reverse that, I feel the bottom is nearing $1,7000.
Price has reached a resistance level known as a “supertrend”
Market analyst “IncomeSharks” was more positive about Friday’s price activity and posted the chart below showing that ETH has reached a major resistance zone .
Analyst claims:
Ethereum is in the middle of super trend resistance. Because it’s flat, it’s more likely to break up and go up. If the market turns positive, I believe the next target will be $2,900 to $3,000.
The macro trend shows that the market will continue to decline
“Pentoshi”, whose analysis we shared as Kriptokoin.com, shared his ideas about what could happen in the Ethereum and altcoin market if he could not maintain his current level.
Pentoshi says:
I’ll notice some local strength here as it maintains lows, but still makes lower peaks (LH) overall . The downtrend continues. Most cryptocurrencies will turbo bomb if these lows are broken.
Total cryptocurrency market cap is currently $1,803 trillion, with Bitcoin dominating 42.7 percent of the market.
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