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Cryptocurrency market experienced an intense week with fluctuations in Ethereum’s price. Ethereum successfully exceeded the critical $3,200 resistance level. Currently, ETH is trading at $3,245. Could the price of Ethereum reach the $2,700 support level in the coming days? Or could the cryptocurrency ETH price once again surpass $3,500?
Ethereum Price Drop Trend Alarms Investors
In the cryptocurrency world, the king of altcoins, Ethereum, has shown a downtrend due to a mix of factors. Initially, the cryptocurrency ETH’s price saw a 2% increase, but this upward trend was not sustainable. The decline in the last 24 hours followed by a slight recovery has led to confusion among investors.
According to Santiment’s data, this volatility in Ethereum’s price, despite most investors still being in profit, has negatively impacted its social volume. Additionally, a downward sentiment in the charts suggests that the price could retract further. At this point, the forecast by crypto analyst Crypto Tony of a $2,700 support level comes into play. If Ethereum drops to this level, it could worsen and reaching the $3,600 resistance level might become more challenging.
Santiment Data Indicates Increased Selling Pressure on Ethereum
Looking at the analysis based on Santiment data, it appears that the selling pressure on the cryptocurrency Ethereum has increased. The increase in exchanges over the past week indicates that this selling pressure has strengthened. However, it is also noted that whales still trust Ethereum, and the supply held by top addresses has increased.
Upon examining the daily chart, the Money Flow Index is seen moving northward. However, other indicators are showing a downward trend. The Relative Strength Index and Chaikin Money Flow indicate a high likelihood of a price drop.
At this stage, the $2,700 support level for the cryptocurrency Ethereum is of critical importance. If it falls below this level, it is predicted that Ethereum will drop further and could go down to $2,500. However, it is important to remember that there are always uncertainties in the market. Although Ethereum’s price occasionally moves independently from the cryptocurrency Bitcoin, a decline in BTC could significantly affect Ethereum, the leader of the altcoins.
