The crypto market experienced another day of pain on 12th May as the failure of Terra’s LUNA and UST continues to engulf the entire ecosystem.
While coverage for UST and its impact on Bitcoin (BTC) has been widely covered over the past few days, the pullback has also had a significant impact on the price of Ether (ETH) as traders exited the market in a hurry. .
Data from Cointelegraph Markets Pro and TradingView shows that the past seven days of selling dropped Ether to $1,701, a price not seen since July 2021.
Here’s a look at what several analysts are saying about Ethereum’s outlook and which support and resistance levels to watch out for.
Ether to $2,250. need to retrieve
An overnight low of $1,700 was documented by cryptocurrency analyst and pseudonymous Twitter user ‘Rekt Capital’, who Posted The following chart outlines the major support and resistance areas for Ether.
Rect Capital said:
“If Ether is not able to rally strongly from here, the monthly close above the black ~$2,250 level, ~$1,720 would reveal weakness and the price may not hold.”
If the price declines further, Rect Capital is indicating that the blue area on the chart is “the next major support near the sub-$1720 level” near $1,350.
Jumping from summer 2021 lows
Information on what Ether price action might look like was provided by ‘CryptoFerrus’ in the following tweet, which mused That it seemed crazy to talk about Ether falling to these levels a few weeks ago.
Crypto Ferrous said:
“Technically, Ether is bouncing off its 2021 summer lows (far outperforming Bitcoin). The bounce zone is either $1,700 – $1,800. [range] or we [are] have to test [the] $1,400 zone. ,
related: How long will the crypto bear market last? Raul Pal’s Macro Analysis
$1,550 . possible short-term re-test of
Market analyst Caleb Franzen discusses a longer-term outlook on Ether’s price action, which suggested that a “bearish” break below a major trend line.
Franzen said:
“It is very likely that we will retest the January 2018 highs around $1,550 in the next 24 hours. If/when we break below that prior resistance, it is a further bearish signal.”
The total cryptocurrency market cap now stands at $1.219 trillion and Ether has a dominance rate of 19.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
