The second largest cryptocurrency by total market value, Ethereum (ETH), continues to lose value after the recent general decline. ETH has dropped by 1.5% in the past 24 hours, bringing its market value down to $200 billion. Adding the 1.5% drop within 24 hours to the 10% drop it experienced in the past 7 days, ETH has reached its most critical support level, increasing investors’ fear.
Critical Situation Continues for ETH Price
Ethereum is currently trading at $1,669, and $1,660 is perhaps the most critical support level in recent times. A brief visit to $1,620 could occur below $1,660, followed by a sharp decline in price. Increasing selling pressure could also increase volume, and all indicators are currently signaling a downward trend.
Looking at the current chart, it can be seen that the price of ETH has directly dropped below $1,620 without any significant support, reaching as low as $1,495. This is followed by support levels of $1,369 and then $1,100. However, the most critical point here, as expected, is the $1,620 support, and ETH is gradually being pulled towards it.
Although the current volume is relatively low, the increase in selling positions indicates the possibility of dropping below this support, and investors may witness a more severe movement with liquidations in the event of a sharp decline. In this case, all open long positions will be liquidated, creating a chain reaction of intense selling pressure.
ETH/USD Critical Levels
For ETH investors, $1,620 is therefore quite critical, and the relevant level should be closely monitored before today’s closing. A horizontal trend at $1,660 and a breakthrough above $1,700 can revive hopes.
To move away from danger for the ETH/USD pair, breaking $1,700 first, followed by $1,800, seems necessary. Especially until the $1,800 breakthrough occurs, it can be considered that there is still a sudden bullish trend for ETH. If the volume of the ETH/USD pair increases, price movements can also be observed.
