Ethereum price hangs on a thread! Will the loss of key support trigger a crash?
As of the time of this article, Ethereum is trading at around $2,885, down 11.09% since July 28. According to CoinGlass, a small drop in Ethereum prices to $2,800 would wipe out about $259.46 million in long positions.
This figure not only reveals the potential losses of market participants, but also reflects the importance of this price range. It is worth noting that despite the bearish market sentiment, Ethereum is still likely to rebound in the short term. van de Poppe pointed out that the volatility of the market means that any sudden event may change the current downward trend. However, he also emphasized that if Ethereum cannot effectively hold the key support level, further declines will be difficult to avoid.
The volatility of Ethereum prices is affected by many factors, including market supply and demand, macroeconomic environment, technological development, and market sentiment. Similar to Bitcoin, Ethereum prices also show a high degree of unpredictability.
In short, in the current cryptocurrency market, Ethereum's price dynamics are undoubtedly one of the most concerned topics for investors and traders. Facing the severe test of the key support level, whether Ethereum can successfully hold this area will not only affect its own future development, but will also have a significant impact on the entire cryptocurrency market.
