Analysts say Ethereum price must hold this key level to avoid a capitulation-like move

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– The crypto market experienced another day of pain on May 12 as the fallout from the Terra’s LUNA and UST failure continues to ripple across the ecosystem.
– While the coverage for UST and its impact on Bitcoin (BTC) have been extensively covered over the past few days, the pullback has also had a significant impact on the price of Ether (ETH) as traders hastily exited the market.
– 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.
– ETH/USDT 1-day chart. Source: TradingView
– Rekt Capital said: If Ether isn’t able to rebound strongly from here so as to Monthly Close above the black ~$2,250 level above, the ~$1,720 will reveal weakness and may not hold price.
– Should a further breakdown in price occur, Rekt Capital indicated that the blue zone on the chart is the next major support sub ~$1720, which is located near $1,350.
– Crypto Feras said: Technically Ether is bouncing off its 2021 summer lows (outperforming Bitcoin so far). The bounce areas are either this $1,700 – $1,800 [range] or we [are] gonna have to test [the] $1,400 zone.
– A longer-term view of the Ether’s price action was discussed by market analyst Caleb Franzen, who suggested that a bearish breakdown below a major trendline.
– Franzen said: Very possible that we retest the January 2018 highs, around $1,550, in the next 24 hours. If/when we break below that former resistance level, that’s another bearish signal.

 

 

Analysts say Ethereum price must hold this key level to avoid a capitulation-like move
Analysts say Ethereum price must hold this key level to avoid a capitulation-like move 2

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