The crypto market is in troubled waters at the moment. After Bitcoin briefly spiked to $45,000, the market appeared to be turning bullish again. But in the last few days, we have seen the prices of Bitcoin and Altcoins fall again. According to some forecasts, we might witness an Ethereum price crash towards $1,700 in the next few weeks. will this really happen? Let’s analyze Ethereum in this article.
Ethereum Price Crash Broke its Support
A few days ago we saw the Bitcoin price rise to $45,000 and the Ethereum price went to almost $3,200. But these increases fizzled out. Bitcoin fell back below $40,000 and Ethereum to $2,700.
The Ethereum price was subsequently unable to maintain the support level at $2,900 and fell back to $2,700. In November, the ether price was still over $4,800. In the last 3 months, the big correction started. At its lowest point, the price was below $2,500.
Ethereum Price now at a key Resistance Level
The Ethereum price has evolved over the past few weeks to sit at a key resistance level. According to Twitter user IncomeSharks, there is a possibility for a bullish breakout in Ethereum due to the flattening out of the past few weeks.
However, if this resistance is not broken, according to user Pentoshi, there could be heavy losses in the Ethereum price. Accordingly, we could see the price drop to a level of $1,700. This crash would also affect other altcoins.
Market Direction will be determined in the coming weeks
The current “boredom” in the market suggests that we are probably in a critical phase for the Ethereum price. A breakout of the resistance level could lead to fresh attacks to $4,000. On the other hand, a missed breakthrough could bring the altcoin market to lower lows. That’s why the coming next week is crucial in what happens in the crypto market.
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