A brutal attack on the crypto market continues as the price of Bitcoin remains below $34,000, while that of Ethereum is below $2500. Although no major rally is currently being seen, the price of ETH is likely to drop by 18% to 20% in the coming days. And finally, traders may soon find an opportunity to gain assets below $2000.
Considering the Ichimoku cloud, this points to a notable footing with a massive 15% drop. The bearish Ichimoku cloud indicates that the price is ready to drop to $2,250 initially. For the first time ever, while bearish clouds hindered the rally in 2018, the price dropped more than 80% to fall below $100. For the second time in March 2020, the price dropped by almost 60%, again falling below $100. And hence the current phase is expected to reflect a similar trend.
- ETH price is currently testing a key support level at $2423 and is looking for a strong rally ahead.
- While the price has ignited a flip in the short term, selling pressure could eventually pull the price closer to the support area too soon.
- Moreover, the asset is expected to test the interim support area around $2238 by the end of the day trading above these support levels.
- A significant flip can be expected at these levels, but it may not hold the price for long as the support level is quite weak.
- Finally, the price may soon drop below the $2000 level, somewhere around the $1975 level, where a strong flip towards the local resistance at $2250 mid-week could be ignited.
Collectively, the coming few days are expected to be quite bearish for the entire crypto space, as the top cryptos are on the verge of losing massive gains. And so there could still be a bullish opportunity for Bitcoin and Ethereum to freeze below $32,000 and $2000 respectively.