Can Ethereum Crash 40% From Current Levels? What Experts are Suggesting

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.

Edul Patel who is CEO and co-founder of Mudrex stated that “On the technical charts, Ethereum is presently trading at around $2,700 after a shortfall and subsequent recovery.”
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.”

“Ethereum retested its $3,000 range midpoint but failed to break it. A solid reaction to resistance is bearish, hinting that the market has more to shed.” This was stated by Melbin Thomas who is the co-founder of Sahicoin.

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.”

Cryptocurrencies
Cryptocurrencies
The fragility that was seen in the crypto market over the weekend lasted for a short period of time. Lack of large trading volumes makes it easy to bring the market lower with quite a few large orders, this is what is believed by market experts. Uncertainty is a one-word answer to why the crypto markets have been showing weakness lately, according to Thomas.
Market experts also stated that starting in 2018, Ethereum has been more volatile than bitcoin. Scalability issues have plagued it and this explains why layer 2 challengers like polygon have reported more NFTs on its platform.
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