The crypto market experienced another day of pain on May 12, as the fallout from the LUNA and Terra UST failure continues to reverberate throughout the ecosystem.

While the coverage of UST and its impact on Bitcoin (BTC) was widely covered in recent days, the pullback also had a significant impact on the price of Ether (ETH) as traders hurriedly left the market.

Data from Cointelegraph Markets Pro and TradingView shows that the last seven days of selling have pushed Ether down to $1,701, a price not seen since July 2021.

ETH/USDT 1-day chart. Source: TradingView

Here is a look at what various analysts are saying about the outlook for Ethereum and what support and resistance levels to watch.

Ether needs to claim $2,250

The overnight drop to the $1,700 range low was documented by crypto analyst and pseudonymous Twitter user ‘Rekt Capital’, who aware The chart below outlines the major support and resistance zones for Ether.

ETH/USD 1-month chart. Source: TradingView

RektCapital said:

“If Ether cannot rebound strongly from here to close monthly above the ~$2,250 black level, ~$1,720 will reveal weakness and may not hold price.”

In the event of a further price breakdown, Rekt Capital indicated that the blue zone on the chart is the “next major support sub ~$1720”, which is found near $1,350.

Rebounding from the lows of the summer of 2021

In the following tweet from ‘Crypto Feras’, information was provided on what Ether price action would look like should it go down. meditated that just a few weeks ago it sounded crazy to talk about Ether falling to these levels.

ETH/USDT 1-day chart. Source: TradingView

cryptospheres said:

“Technically, Ether is bouncing off its summer 2021 lows (outperforming Bitcoin so far). Bounce areas are $1,700 – $1,800 [range] or we [are] i will have to try [the] $1,400 zone.”

Related: How long will the cryptocurrency bear market last? Macro analysis of Raoul Pal

Possible short-term retest of $1,550

Market analyst Caleb Franzen discussed a longer-term view of Ether’s price action, who He suggested than a “bearish” breakout below a major trend line.

ETH/USDT 1-week chart. Source: Twitter

franken said:

“It is very possible that we will retest the highs of January 2018, around $1550, in the next 24 hours. If/when we break below that previous resistance level, that’s another bearish sign.”

The total cryptocurrency market capitalization is now $1.219 trillion and the dominance rate of Ether is 19.2%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.

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