The Ethereum price has fallen intensely making investors and market observers worry and analyze the situation. Crypto analyst SwallowAcademy observes bearish signs in short-term data because Ethereum failed to protect its support level at $2700.
The current cryptocurrency market crash deepens the need for Ethereum to drop in price even further. In the past day the cryptocurrency market saw heavy selling which pushed Bitcoin below its significant defense barrier at $90,000 and reduced its price by 6.9%.
Ethereum Faces Sharp Decline as Key Support Levels Break
During these weeks Ethereum performed worse with its value falling by 12.6%. The fast breakdown of Ethereum support levels at $2,600 $2,500 and $2,400 step by step prompts investors to expect it to reach $2,000 soon.
SwallowAcademy picked $2,700 as an important buying area because of how multiple exponential moving averages reinforced each other. The market shifted to the control of sellers who proved the earlier pricing analysis incorrect.
The analysis implies that rising negative market pressure across near-term charts makes additional price drops more likely. Ethereum’s fast price slump left traders especially surprised about when it happened. The $1.5 billion Bybit exchange hack failed to lower Ethereum below $2700 during the weekend disturbance.
Most traders thought Ethereum would maintain its price stability following the episode’s initial impact. Investors are slowly becoming wary of the event with their reaction starting to develop after the fact. Investors began selling more crypto investment products which strengthened the market downturn.
Ethereum Drops Below Key Support Levels
The strong selling pressure continues to pump money out of spot Bitcoin and spot Ethereum markets adding to market decline. Ethereum continues in a defensive bear market as buyers stay away from the market.
The falling weekly candle provides evidence that Ethereum markets might go lower from this point onward. In the daily timeframe Ethereum stays beneath all its EMAs which indicates upcoming trouble. A longer bearish movement in the weekly timeframe would reinforce our expectations of price decline for Ethereum.
Ethereum supporters are waiting to see if prices can stay over $2,200 because a breakdown would start the dip toward $2,000 and a possible rebound. At present Ethereum trades at $2,397 but experts predict another market drop within 24 hours.
Sellers retain selling power on Ethereum even though the market has declined since the Relative Strength Index (RSI) does not demonstrate extreme selling pressure. Ethereum has solid basic strengths but investors need to watch out for market threats now.
Traders need to monitor Ethereum support markers because if prices slide under $2,200 more substantial dips will likely occur. Ethereum will likely move toward $2,000 unless both trading sentiment and substantial buying orders take over the market.
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