Panic is hitting all markets and Ethereum (ETH) is also suffering. The largest altcoin has lost 5 percent of its value in the past day, while the price has just started to improve again. Now the bulls have a very important level to defend, but in any case it is not made easy for them.
Ethereum now has to prove itself again
Bitcoin (BTC) is having a difficult day, but Ethereum is having an even tougher time. While Bitcoin has lost 4.17 percent of its value over the past day, Ethereum has become 4.85 percent cheaper.
The second largest crypto is currently selling for $2,131. Yesterday, $2,240 was paid for the coin and a day earlier even $2,375. That was the highest price in two weeks.
Analyst Cheds Trading said that there is an important support level around $2,150 on the daily chart. The price has now dipped below that, but there is still plenty of time to climb back up.
If that doesn’t happen, $2,000 is probably the next stop. “Make it or make it,” writes Cheds Trading.
That promises to be quite a challenge, because everything is turning blood red today. Global stock markets are in deep decline and precious metals are especially having a hard time.
Investors are mainly packing their bags because the situation in the Middle East only seems to be deteriorating. Israel has bombed facilities at South Pars (the largest gas field in the world), Iran has carried out retaliatory attacks and Donald Trump is even threatening to blow it up in a “gigantic way”.
Oil prices continue to rise, fueling concerns about the global economy. At the same time, an interest rate cut in the United States still seems far away, as Fed Chairman Jerome Powell made clear yesterday. The persistent uncertainty surrounding the war plays an important role in this, especially in view of inflation.
Ethereum needs help from Bitcoin
While Ethereum is still battling major support, Bitcoin is in significantly worse shape. The largest crypto has plunged below $70,000 after a hard rejection earlier this week at $76,000.
If Bitcoin does not hold above $69,000 now, $66,000 will be the next target. If the bulls don’t intervene there, we may even have to look back at the previous bottom of $60,000. It is also hoped that Bitcoin will now show its muscles again for Ethereum.
Source: https://newsbit.nl/ethereum-koers-daalt-5-naar-belangrijk-level-erop-of-eronder/
