Ethereum experienced a sharp decline yesterday as the broader cryptocurrency market tumbled. ETH prices dropped over 9% in just a few hours, shaking investor confidence and raising concerns about a potential deeper correction. The sudden downturn has sparked fear across the U.S. markets, adding to the uncertainty that has gripped the crypto space this Monday morning.
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Top crypto analyst Carl Runefelt shared a technical analysis on X, shedding light on Ethereum’s precarious position. According to Runefelt, Ethereum might test the $2,800 support level if the market continues its downward trajectory today. This key level could serve as a critical juncture for ETH, as losing it might lead to further declines and heightened selling pressure.
Market sentiment has taken a hit, with many investors bracing for increased volatility in the days ahead. Analysts are closely monitoring macroeconomic indicators and broader market movements to gauge the potential impact on Ethereum’s price action. As ETH hovers around pivotal support zones, the next 24 to 48 hours will be crucial in determining whether the cryptocurrency can regain momentum or face a deeper correction. Investors are urged to tread cautiously as the market navigates this volatile phase.
Ethereum Faces Intense Selling Pressure
Ethereum has been under significant selling pressure since late December, reflecting the heightened volatility that has gripped the broader cryptocurrency market. Analysts and investors are increasingly bearish, with sentiment suggesting that ETH may continue to decline in the coming days. This challenging phase has raised concerns about the asset’s near-term prospects, leaving many market participants on edge.
Top crypto analyst Carl Runefelt shared his technical analysis on X, highlighting a critical support level for Ethereum. Runefelt predicts that ETH might reach the $2,800 support level if the current market downturn persists. This key level could be a strong foundation for a potential recovery or signal further weakness if broken.
Despite the bearish sentiment, some investors and traders see this potential drop as an opportunity. Ethereum remains one of the most prominent cryptocurrencies, and many believe it is still poised for significant gains this cycle. A correction to $2,800 could…
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