Analyst Predicts Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target

As the bloody turmoil in the cryptocurrency market continues, the world’s second-largest cryptocurrency, Ethereum (ETH), Market capitalizationis no exception: in the past week, ETH has experienced a significant price drop of 9%, dropping to the level of $3,130.

As market participants closely monitor the situation, the focus now is on key levels that must be contained to prevent further declines that could lead to the biggest losses in months and higher liquidation rates.

The deciding moment for Ethereum price

Crypto analyst Inspo Crypto noted that Ethereum prices have bounced back to early May levels.

according to For analysts, the next eight hours of trading, represented by the one-day candlestick, will be a key juncture to determine whether the bulls have capitulated or will be able to mount a comeback.

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A retracement above the above levels could be considered a deviation from the bearish trend. However, if Ethereum fails to retest the above levels, Downtrend Channel At $3,170, a further drop towards $2,700 is possible, which could ultimately impact altcoins and lead to heavy losses across the market.

If the price sustains above $3,170, it will be on an upward trajectory to $5,000

The analyst further added: Assert In his opinion, Ethereum has been moving within a new trend channel since October 2013. Therefore, if ETH can sustain its price within the $3,170 range, it will confirm an upward trajectory towards $5,000. It is important to note that this time frame will continue until the end of the year.

Moreover, Ethereum is still Long-term trend channel.

If the scenario we have discussed plays out, it would also confirm the long-term trend channel, suggesting that ETH will be in a bear market from August 2023 to February 2024, with a rally towards $8,000 in the coming months.

However, it is important to realize that this analysis does not take into account external factors such as monetary policy decisions or geopolitical conflicts.

Nevertheless, if Ethereum holds the $3,170 level and starts to rise, Altcoin Season As analysts suggest, it’s becoming increasingly feasible.

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Ultimately, ETH’s next move will impact its trajectory and have an impact on the broader cryptocurrency landscape, particularly the altcoin market, which has seen heavy losses in recent days.

The 1D chart shows ETH’s price drop on Thursday. Source: ETHUSD on TradingView.com

ETH is trading at $3,130 at the time of writing, down 5% in the past 24 hours. As a result, as the analyst highlighted, it will be crucial for the token to close above the aforementioned key level of $3,170 in the coming hours to prevent further losses.

Featured image from DALL-E, chart from TradingView.com

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