Price Analysis

Crypto Crash Continues, Ethereum Price All Set to Plunge Below $2000! What’s Next?

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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May 9, 2022

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A brutal attack on the crypto market continues as the Bitcoin price slides below $34,000 while the Ethereum price slides down beneath $2500. While no major possibilities of a rebound are being witnessed at present, the ETH price is expected to crash another 18% to 20% in the upcoming days. And eventually, the traders may get an opportunity to bag the asset below $2000 very soon. 

Considering the Ichimoku cloud, it points out towards a notable leg dropping massively by another 15%. The bearish Ichimoku cloud indicates that the price is all set to crash to $2,250 initially. The first time, while the bearish cloud hindered the rally in 2018, the price slashed by more than 80% to drop below $100. During the second time in March 2020, the price dropped by nearly 60% again dropping below $100. And hence the current phase is also expected to mirror a similar trend.

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  • The ETH price is presently testing one of the pivotal support levels at $2423 and looking out for a strong rebound ahead
  • However, the price in the short-term has ignited a flip but the selling pressure may eventually drag the price close to the support zone very soon
  • Further, the asset is expected to pierce through these support levels to test the interim support zone at around $2238 by the end of the day’s trade
  • A significant flip may be expected at these levels, but it may not hold the price for a long time as the support levels are pretty weak
  • Eventually, the price may soon visit levels just below $2000, somewhere around $1975 where-in a strong flip may be ignited towards the local resistance at $2250 during the mid of the week.

Collectively, the upcoming couple of days is expected to be pretty bearish for the entire crypto space, as the top cryptos are on the verge to shed massive gains. And hence yet opportunity may be fast approaching to accumulate Bitcoin & Ethereum below $32,000 and $2000 respectively. 

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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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