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As the cryptocurrency market has been on a downward momentum since the beginning of the week, most altcoins in the market also lost value at various rates throughout the week. Ethereum (ETH), which fell nearly 6% in the last 1-week period, fell below the $ 1800 level. Evaluating the latest situation in the market, the analyst warned investors by pointing to near-term critical price levels for ETH.
Ethereum (ETH) Declined Below $1800
Ethereum (ETH), which accelerated its value losses due to the downward trend in the cryptocurrency market, fell below the $ 1800 level. The total value of the cryptocurrency market fell to $1.2 trillion, according to CoinMarketCap (CMC) data. In addition, volatility in the cryptocurrency market has also increased significantly. Assessing this latest situation in the market, the analyst pointed to possible price levels that could play a critical role for ETH in the near term.
In a series of posts on his Twitter account, the cryptocurrency analyst, known by the username ‘CryptoKaleo’ on social media accounts, suggested that ETH could rise to $ 2400 levels recorded in May 2022 before the Terra collapse in the coming time frames, but that a new pullback could occur before this rise. However, according to the analyst, Ethereum (ETH) could fall as low as $1600 ahead of a new rally.
Off-Exchange ETH Supply at All-Time High
Crypto analytics platform Santiment pointed to critical metrics and data for ETH in a series of posts on its Twitter account. According to Santiment, the supply of ETH on cryptocurrency exchanges fell to 10.1%, the lowest level since its launch in 2015. Off-exchange ETH supply also reached an all-time high, Santiment reported.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research.
