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Ethereum (ETH) has been recorded by a 17% decrease in the last month, trading below USD 1850 in the last few days. As part of the current results, the analyst warned investors the risk of cryptocurrencies falling to 17-month-old, if he did not regain key levels of resistance.
Ethereum saw a decrease to USD 1550
Ethereum trades below the key support zone over the past two days, floating between USD 1,750 to USD 1,840 after it has not recovered 1,900 USD on Wednesday. The second largest market cryptocurrency of market capitalization lost a 15-month range at the beginning of March, falling below USD 2100 for the first time since December 2023.
Since the loss of this level, ETH has recorded his worst results for seven years, registering negative monthly closure for the fourth month in a row. Rekt Capital analyst Highlighted That this performance was approved by the double formation of Ethereum, which developed within its scope Makro 2196–3904 USD.
After breaking in this field, Ethereum trades in a historic liquidity pool, between the range 1,640–1930 USD, and “effectively positioned the bear renewed” from above from its monthly approaching in this area, which can change this level into a fresh resistance.
As the analyst explains, the transformation of this level into resistance historically noted the decrease in the price of ETH to the lower zone of the current range. “In other words, the transformation of the red level into resistance (Red Circle) Historically, a decrease in support at the bottom of the light blue historical demand area (orange wheel)” – he described in detail.
Therefore, Ethereum must regain the peak of this demand area “to question the transfer to an old macro with a low level of USD 2196”. Meanwhile, rejection from the $ 1930, which he was unable to recover over the past week, would cause ETH to risk a 15% inheritance to USD 1550.
Is a 20% rally approaching?
So Rekt Capital pointed Accordingly, since June 2023, the ETH domination dropped from 20% to 8%, historically the opposite area of cryptocurrency. When the dominance of Ethereum affected the range of 7.5% -8.25%, she reversed “becoming more dominant on the market”, which can signal the reversal for the Altcoin king.
Several analysts believe that the key levels for viewing are the support of USD 1750 and USD 2,200 resistance, because the break above or below these levels will determine the next significant Eth move.
Sjuul analyst from Altcryptogems suggested that Ethereum can look at a 20% rally based on the capacity of 3 configurations in the lower table of ETH times. The analyst emphasized that the cryptocurrency had the accumulation phase after a decline below USD 2150 support, floating at USD 1,840 and USD 2100 from March 10.
After immersion below the mark 1,840 USD, the cryptocurrency was in the manipulation phase, the chart shows what can cause a push of resistance to USD 2150 if ETH breaks out and launches the distribution phase.
Ethereum trades on $ 1,808 from this letter, which is a 2.2% raise over time.
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