#uma Ethereum ($ETH ) risks 18% decline if this happens to price
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Major cryptocurrencies began the week lower as #investors continued to be concerned about the Bitcoin price drop, thus seemingly reducing their exposure to the broader market in expectation of lower pricing.
#ETHEREUMS , the second-largest cryptocurrency by market value, fell 2.66% in the last 24 hours to $2,408, mirroring the overall market trend.
Since reaching a high of $2717 on Jan. 12, Ethereum has steadily declined, bringing it to a crucial demand zone that remains decisive for its short-term price action.
According to Ali, a crypto analyst, ETH is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there seems to be a clear path ahead with minimal resistance, offering the potential for upward movement.
Ethereum Market Update: ETH is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there's a clear path ahead with minimal resistance, offering a potential for upward movement.
⚠️ However, if ETH fails to maintain this level, we… pic.twitter.com/F0HfyrSdGF
— Ali (@ali_charts) January 21, 2024
However, a bearish scenario could unfold if ETH fails to hold above this crucial support level. Ali states that if ETH fails to maintain this level, a pullback to the next significant support area of around $2,000 might occur.
A trip to around $2,000 would mean a 17% drop from the current price of $2,408. The next major support below $2,000 is the daily Simple Moving Average (SMA) 200, which is currently at $1,923.
A breach of this level could open the doors for more losses, possibly toward the $1,800 and $1,700 levels. Meanwhile, the daily SMA 50 level at $2,338 might seek to curtail losses in the immediate term.
On the other hand, if ETH sees a reversal from its current declines and bounces off the $2,388 and $2,460 support zones, it could resume its uptrend and target the $2,614 level again.
A successful break above this level could pave the way for a rally toward the $2,717 and $2,900 levels, where the coin faces the next hurdles. The ultimate target for bulls is to reclaim the $3,000 psychological level last reached in April 2022.#MANTA #Launchpool