Another wave of risk-off tendencies hit the financial market, which caused a major drop in the cryptocurrency market, with Bitcoin losing almost $4,000 from its value and dropping to $40,000. But while most altcoins are trying to recover from a flash-crash.
Ethereum price fell below $3,000 on Thursday morning. The altcoin had remained mostly over $3,000 since early February, indicating a recovery after a difficult January. It’s been hovering around $3,000 all week. On January 24, ETH price fell below $2,200 for the first time since July 2021.
ETH Price Analysis
The second largest cryptocurrency by market cap continued to fall after failing to hold above the $3,000 support level. The fall accelerated below the $2,900 mark as ETH remained below $3,000 and violated the $2,950 support zone. At the time of writing the altcoin is trading at $2,900.
Near the $2,965 mark, the next major resistance is found. A strong move above $2,965 might push the price to $3,000. Near the $3,020 resistance zone is the 50 percent Fib retracement level of the latest drop from the $3,196 swing low to $2,850 low.
Ethereum Price Wont Plunge Below This Level !
The price of Ethereum (ETH) fell to its lowest level since 2021 and hit $2,200. Joey Krug of Pantera Capital believes that $2,200 ETH was the low.
Dan Morehead, CEO, and Joey Krug, Co-CIO, of Pantera Capital, recently released a blog in which they gave some important market insights.
He said, “Our macro view here is that crypto definitely got hit by a lot of the news surrounding the interest rate hikes that the Fed is planning. As of today, the market’s pricing in about five rate hikes—and I think a lot of that is being overplayed in crypto. Our view is it’s going to decouple over the next number of weeks and crypto will sort of trade independently again. It’s my personal view that $2,200 ETH was likely the bottom,” Joey Krug intended.”
In a recent update, Twitter, the social media behemoth, added Ethereum wallet support as an extra payment option to its tipping tool, in addition to Bitcoin. Users can now also connect their Ethereum wallets to the platforms.
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