New Delhi: In spite of a quick recovery that was noticed on Monday, Ethereum has been hit hard by the ongoing volatility in the crypto market. It is the second-largest cryptocurrency which was last seen trading at $2,700 levels after hitting a low of $2,585 earlier today. It has lost about 5 percent in the last one week.
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Ethereum has been hit hard by the ongoing volatility in the crypto market. Regulatory action, geopolitical worries, and inflationary concerns have kept the crypto market under pressure lately. Sharat Chandra who is vice-principal of Research and strategy, Earth ID, and anticipates a further fall in prices, expects Ethereum prices to move further towards the south.
He also said, “It has multiple strong support levels at $1,850 and $2,200. They are very few chances of ETH dropping below $1800 in the near future. Though if that happens, it will be a great buying opportunity.”
He added,” The following support on the weekly chart around $2,000 area and on the daily at $1,700 suggesting a fall to $1,700 is possible.”