Price Analysis

Ethereum (ETH) Price Plunged Below $2.5k, Yet $10k Seems Imminent This Year. Here’s Why?

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Feb 24, 2022

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Escalating geopolitical tensions have hurt all major asset classes including cryptocurrencies. The Global Crypto market plunges heavily as the Russia-Ukraine war triggers panic. At present, the cryptocurrency market cap is $1.66 Trillion, down 7.9% in the last 24 hours.

ETH Price Analysis

For almost a year and a half, Ethereum has been on a rollercoaster ride. Following interest rate hike predictions from the US Federal Reserve, the new year began on a sour note, with the price virtually halving to $2,200 in January. Since then, ether prices have stabilized and have even begun to recover modestly. 

The second-largest altcoin is down double digits, having fallen below $2500 and retesting key support levels. Despite initial optimism that the tide was turning for ETH, early-week losses have held bulls down, reversing gains and switching price action in favor of sellers.

ETH price started a fresh decline below the $2,500 support level and is now hovering at $2,334.02. The next key support is near the $2,320 level. In an extended downtrend, which is more likely; the price might test the $2,200 level. 

On the contrary, if bulls make a comeback, the altcoin might face resistance near the $2,550 level. On Successful breakout, ETH will test the next key resistance at $2,650 and might face a minor correction at the major resistance level of $2,720.

Will Ethereum Price Rebound For a 2x Rally ? 

Ethereum, which appears to be forming an “ascending triangle” technical pattern, could rise above $10,000 in the coming weeks. Analysts confirm their presence after the price rises inside a rising right-angle triangle structure, generating a series of lower highs on the lower trendline and resistance on the upper trendline. Due to a likely inverted head-and-shoulders pattern, Wolf, an independent market expert, expects Ether to rebound in the following sessions, followed by a protracted recovery move.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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