Another wave of risk aversion trends hit the financial market, causing a huge drop in the cryptocurrency market, with Bitcoin losing almost $4,000 of its value and falling to $40,000. But while most altcoins are trying to recover from a flash crash.
The price of Ethereum fell below $3,000 on Thursday morning. The altcoin had been mostly above $3,000 since early February, signaling a recovery after a rocky January. It’s been hovering around $3,000 all week. On January 24, the price of ETH fell below $2,200 for the first time since July 2021.
ETH price analysis
The second largest cryptocurrency by market cap continued to fall after failing to hold above the $3,000 support level. The decline accelerated below the $2,900 mark as ETH held below $3,000 and breached the $2,950 support zone. At the time of writing, the altcoin is trading at $2,900.
Near the $2,965 mark, the next major resistance is found. A strong move above $2,965 could take the price to $3,000. Near the $3,020 resistance zone is the 50 percent Fibonacci retracement level of the last drop from the $3,196 low to $2,850 low.
The price of Ethereum will not fall below this level!
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The price of Ethereum (ETH) fell to its lowest level since 2021 and reached $2,200. Joey Krug of Pantera Capital believes that $2,200 ETH was the minimum.
Dan Morehead, CEO, and Joey Krug, Co-CIO, of Pantera Capital, recently published a blog providing important market insights.
He said: “Our macro view here is that cryptocurrencies have definitely been affected by a lot of the news related to the interest rate hikes that the Federal Reserve is planning. As of today, the market is priced at about five rate hikes, and I think a lot of that is being hyped in crypto. Our opinion is that it will be decoupled in the coming weeks and the cryptocurrencies will return to operating independently. It’s my personal opinion that $2,200 ETH was probably the bottom line, “Joey Krug intended.”
In a recent update, social media giant Twitter added Ethereum wallet support as an additional payment option to its tipping tool, in addition to Bitcoin. Users can now also connect their Ethereum wallets to the platforms.
This post Ethereum found bottoms out at $2200, will ETH price stay above $2k in days to come?
was published first on https://coinpedia.org/ethereum/ethereum-found-hits-bottom-at-2200/