Ethereum (ETH) Now on complete decline. The coin has broken several key support areas and fell below $2500 for the first time in weeks. The decline follows a broad sell-off in the market, and it is likely that more losses are on the way. Here are the main takeaways:
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ETH is now strongly in a bearish trend and may lose $2000 in the coming weeks.
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A trend reversal is unlikely, and ETH holders are selling bullish.
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If the coin loses $2300, it will be followed by a sharp decline.
Data Source: Tradingview
Ethereum (ETH) – Is There Any Hope?
The growing fear of a deadlock in the US is a major reason for the selloff in the cryptocurrency. Investors are also processing the news that the US economy could slow significantly this year and may even hit a recession.
Under such economic conditions, we expect Ethereum and the broader markets to be highly volatile in the medium term. While the overall outlook for Ethereum remains positive in the long term, the coming weeks will be brutal.
After losing two key support areas at $2800 and $2500, ETH is now hovering dangerously close to its next support at $2300. This area has remained strong so far. But it is very hard to imagine that the price action will stay above $2300 for a long time. As the pressure builds up, ETH could drop below $2300 and soon thereafter, the coin could drop below $2000 in no time.
What next for Ethereum investors?
Most Ethereum investors have always held the coin for the long haul. There’s no reason to panic. This decline was largely expected. If you still believe in crypto, then ETH is one coin that you cannot ignore. Even with the recent sell-off, ETH could still end up higher by 2022 than it started. But in the coming weeks, we expect the coin to drop sharply.