The cryptocurrency market, hit by geopolitical issues, brought Ethereum (ETH) to its lowest level since March.
The Israeli-Palestinian war continues to shake cryptocurrencies. ETH, which fell from $ 1640, dropped a needle to $ 1520 with almost no correction. The leader of the altcoins, which found a reaction just below the minor support level, reached $ 1550. However, the continuation of negative elements in BTC, especially the war environment, seems to keep ETH busy for a while.
Which levels are critical for ETH, which has reached its lowest level since March? What kind of price movement can we watch?
It dropped 13 percent in just 2 weeks!
ETH had taken a shot at $1545, showing further weakness along with BTC’s rapid decline. Then, the recovery of BTC and the decrease in global chaos to some extent pushed ETH up again. However, the continued decline in BTC naturally shook the ETH price again. The pioneer of altcoins, which was traded at $ 1550 as of the writing of the news.
Factors such as the Israeli-Palestinian war evolving to a larger size or BTC remaining below 27,000 will naturally push the ETH price to lower levels. The areas that can serve as support in such a scenario are 1514 – 1464 – and 1421 dollars respectively. Especially with the loss of $ 1421, altcoins may be subject to a harsher collapse.
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