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Why Ethereum Could Tank Another 25% Before Finding a Bottom: Analysis
If you've been tracking crypto prices over the last couple days, you already know the broader picture: the market is getting hammered. Bitcoin cratered below $67,000, its worst level since April, and ETFs are bleeding.
But while things aren’t looking great for Bitcoin in the near term, Ethereum—the second largest crypto asset by market capitalization—is getting hit worse.
Ethereum fell below $2,000 on June 2 and hasn't looked back. There are several possible reasons, beyond the typical macroeconomic winds, why ETH may be especially bearish at the moment: key developers at the Ethereum Foundation have jumped ship, some very vocal, high-profile supporters have sold their bags, and Ethereum ETFs have now logged 15 consecutive trading days of net outflows.
Ethereum Price Downtrend May Not Be Over—Sub-$1,700 Levels Loom
Ethereum price started a fresh decline and traded below $1,750. ETH is now consolidating below $1,750 and might continue to move down.
Ethereum price failed to remain stable above $1,840 and started a fresh decline, like Bitcoin. ETH price dipped below the $1,800 and $1,780 levels.
The price even traded below $1,750. A low was formed at $1,715, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1,888 swing high to the $1,715 low. There is also a bearish trend line forming with resistance at $1,750 on the hourly chart of ETH/USD.
Ethereum price is now trading below $1,750 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,700, the price could attempt another increase. Immediate resistance is seen near the $1,750 level.
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