Ethereum (ETH) has dropped almost 10% over the past 24 hours and dropped from $ 2,721 on February 24 to $ 2,313 earlier today. According to crypto analysts, $ 2,300 is the next critical support level – if ETH fails to maintain this level, it can have additional losses.
Ethereum crashes among the crypto market
The wider crypto market has endured a thunderous 24 hours, almost 10% of its total market value loses about $ 300 billion in value. In the middle of the decline, ETH’s market capital has dropped from $ 340 billion to as low as $ 286 billion in just two days.
Crypto Trader Merlijn Trader shared his insights on ETH’s price action in an X-mail and notes that ETH is currently testing the 50-day simple moving mean (50 SMA) -A level they describe as “make-or-break”- the zone for the asset.
The analyst emphasized the importance of ETH holding the price level of $ 2,350 and warned that a division below this level could be “ugly.” If Ethereum fails to maintain support, it may decrease considerably, with the next large level of support close to $ 1,100.
Fellow Crypto Analyst Ali Martinez Repeated Merlijn’s concern and illustrates $ 2,300 as a crucial support level for ETH. According to the following 3-day diagram, this level is close to the bottom of the trading channel that ETH has moved within since November 2024.
At the same time, the Daan Crypto trade pointed out that ETH has repeatedly failed to break through the resistance to $ 2,800. They noted that after Bybit announced it would restore users’ ETH balance after the last hedgeETH experienced a sale. They added:
This bike, both $ BTC & $ Have reacted well around .786 levels so I keep an eye in this area here. BTC also only swept the range. The larger range between ~ $ 2.1,000 $ 2.8K is still the most important. Anyway, currently just holding space and not doing much.
Is the altar season dead?
ETH’s long -lasting bad performance has doubted the possibility of a full altar season. For the uninitiated, Altseason refers to a market phase where Altcoins – other crypto courses other than Bitcoin (BTC) – delivers extraordinary returns for a short period.
While the marketing position around ETH may be far from haussertade right now, some industry leaders remain confident in a strong recovery for the leading smart contract platform.
In an x postCryptoquant CEO Ki Young Ju found that there was no significant Ethereum sales pressure after the village chop. He also suggested that favorable crypto regulations under US President Donald Trump could trigger a “large-cap ETF season”, which potentially drives ETH’s price higher.
Similarly, crypto analyst Ted provided some optimism for altar season enthusiasts. Ted shared the following weekly charts and emphasized that the Altcoin market has formed its first Golden Cross since Q1 2021. Added:
Last time this happened, Altcoin Market Cap 500% pumped in just a few months. It looks like Altseason will soon become a reality. Do you shame?
As I said do the latest analysis on the chain not Inspire a lot of confidence in ETH’s price measure on cards to medium. At the press time, ETH is traded at $ 2,418, a decrease of 9.5% over the past 24 hours.
