Ethereum

Ethereum Feared to Revisit $2500 Levels, How Will ETH Record A Bearish Monthly Close?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 28, 2022

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Highlights

    Ethereum price is displaying huge possibilities of plunging to the lower support somewhere around $2500

    A plunge to these levels may end up a bearish close for the asset that may impact the price trend in the upcoming month

Ethereum price till now is among the best investment options within the entire crypto space. As it was always speculated to undergo a calculated rally to avoid huge price variations to a large extent. Currently, the ETH price is steadily heading towards the immediate highs. Yet compressing the resistance and the support levels, it is now feared to end the monthly trade on a notable bearish note. 

The ETH price in recent times had rallied pretty high and surpassed the $3000 mark and attempted to maintain the bullish trend. However, with a reverse trend, the second-largest crypto fell into a deep bearish trap. After losing nearly 25% of its value, the ETH price flipped the bearish divergence to recover the losses. However, despite the flip, the asset is expected to plunge heavily which may drag the price below $2500 soon. 

Also Read: Will FTM, AAVE, GALA, And ONE Be The Altcoins To Bag For A 40% Run Ahead Of March 2022?

As seen in the chart, the ETH price is displaying a possibility of a huge bearish reversal. This may shed another 25% of its value very soon. The asset is currently an inch close to reaching the apex of the rising wedge. Further hence as an outcome, a notable correction may ignite any time from now. Moreover, Ethereum is testing the crucial 200-day MA levels and is unable to surpass these levels. Hence showcasing a drop in the momentum may not be a good move for the ETH price rally. 

If the ETH price needs to close the monthly trade on a bullish note, it needs to be pretty cautious in the upcoming 24hrs to 36hrs. The price needs to maintain strongly above $2600 firmly to continue to surge towards the upper target currently being at $3000. Else with just a wrong move, the Ethereum price may slash below $2500 to hit the $2200 levels yet again. However, the rebound may not be strong as the buyers currently appear to be pretty exhausted in holding the uptrend is turning out to be a tedious job slowly. 

Also Read: ltcoins To Bleed More! Bitcoin (BTC) and Ethereum (ETH) Price Might Plunge To This Level

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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