LIVEIf this doesn't happen, Ethereum Could Drop to $2,850 - Analyst Report
The second-largest cryptocurrency, Ethereum, is currently perilously close to falling from its current $3,310 valuation to $2,850. Prominent blockchain analyst Ali Martinez tweets out what will stop the 15% downward trend.
ETH Will Plunge to $2,850
Similar to other well-known cryptocurrencies, the price of ETH dropped dramatically over night. In the last day, the value of the second-largest cryptocurrency fell by more than 7.19%. Other digital assets fell to $65,700, $180, and $0.58, respectively, for BTC, SOL, and XRP.
The analyst reveals that there is no support level for the cryptocurrency's current $3,330 price. This level of support typically consists of two comparable prices where a number of investors have amassed a sizeable amount of that asset. Since there is currently no support for ETH's price, it could drop to $2,850 or less.
The recent surge in ETH was part of a broader bullish trend in the cryptocurrency market. The price increase of the coin was also driven by widespread use of Ethereum-based memecoins like Dogecoin. Part of the reason for the bull run was anticipation of the Dencun upgrade. There was no discernible change in ether's value following last month's upgrade.
Documentation from the Bitcoin ETF market indicates that the Ethereum ETF product's adoption will lead to a resurgence of ether's price movement. The ether-based ETF product has received applications from investment firms such as Franklin Templeton, BlackRock, Grayscale, and others, but there is still little chance of approval.
The Ethereum ETF has a 25% chance of receiving approval from the US Securities and Exchange Commission (SEC), according to ETF expert Eric Balchunas. After the SEC classified ether as security, this pessimistic opinion emerged. According to the financial watchdog, Ethereum's creators should register the cryptocurrency with the agency so that it can be governed by securities market regulations.
