Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert
2024年8月17日 - 1:00PM
NEWSBTC
Ethereum (ETH) price has struggled amid another market shakeout.
The second-largest cryptocurrency by market capitalization fell
below the $2,600 support zone for the third time in the past week,
prompting crypto analysts to evaluate the next levels to watch out.
Related Reading: Is Ethereum Poised for Inflation? Supply Reaches
New High as Staking Takes Off ETH’s Key Support Zone To Watch Out
The crypto market has seen several retraces throughout the cycle,
with cryptocurrencies like Ethereum significantly decreasing from
its Q3 opening. Since July 1, the “king of altcoins” has seen a 24%
drop from the $3,400 support level. Following its fall below the
$2,100 mark during the ‘Black Monday’ crash, ETH has hovered
between the $2,300 and $2,700 range. The cryptocurrency has
recovered around 18% of its price while tries to reclaim the $2,600
level. Nonetheless, the recent market shakeouts have made the price
retest the strength of the $2,500 support zone three times in the
last two weeks, which turned experts wary of ETH’s next step.
Renowned crypto analyst Ali Martinez stated that investors should
pay attention to a key support zone after Ethereum’s performance.
To Martinez, the $2,300 and $2,380 price range should be watched if
ETH continues its downward trend. According to the In/Out of the
Money Around Price (IOMAP) chat shared by Martinez, 1.62 million
addresses bought over 50 million ETH at this zone, making it the
next wall of support for Ethereum’s price. If the cryptocurrency
fails to hold this level, its price could drop to $2,200 and even
levels not seen since February. Will Ethereum Drop To $1,200 This
Year? Other experts have suggested that the second-largest
cryptocurrency could see its price drop even lower, as “even giants
will fall.” Top analyst Benjamin Cowen stated that the “collapse of
ETH/BTC” is almost completed. A year ago, Cowen forecasted that the
collapse of the trading pair would “mark the end of the altcoin
reckoning.” He explained that “altcoin reckoning” refers to the
devaluation of the altcoins on their BTC pairs. The analyst added
that ETC/BTC was the “last one to rise in the bull and it can be
the last to fall in the bear.” To him, this trading pair has four
more months before it goes up next year. Additionally, Cowen
predicted that Ethereum’s price could hit the $1,200 price range in
December if its performance is similar to the last two cycles.
Crypto investor Ted Pillows urged investors to hold on throughout
the troubled waters, suggesting that a $10,000 is still possible.
To the trader, the ‘King of altcoins’ is not dead based on
different factors. Ted highlighted that spot Ethereum
exchange-traded funds (ETFs) inflows have increased while Grayscale
outflows have progressively gotten smaller, and Jump Trading has
only around $60 million in ETH to sell. Related Reading: Will
Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh
In Moreover, ETH is “strongly holding its support level,” which he
deemed the most important factor. Ultimately, the investor Predicts
that the consolidation breakout will occur between November and
December, while the “parabolic run” will start in Q1 2025. Featured
Image from Unsplash.com, Chart from TradingView.com
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