Ethereum Price Drops 17% as Analysts Highlight Key Resistance Levels
Ethereum (ETH) has seen a 17% price drop in the past month, raising concerns over key resistance levels that could influence future price movements. Analysts indicate that reclaiming these levels may trigger a trend reversal.
Price Targets and Trends
- The $2,100 level is crucial for initiating an upward trend.
- A breach of $2,300 is necessary to confirm a bullish reversal.
- If these levels are not reclaimed, ETH could decline further, targeting $1,600 and $1,155.
- This decline would represent losses of 12% and over 37%, respectively.
Accumulation Zone Under Threat
- Glassnode reports limited support near current prices, with many investors selling at a loss.
- Clusters of approximately 250,000 ETH with cost bases between $2,000 and $2,050 have exited the market.
- The largest accumulation zone below the current price is at $1,537, where nearly 994,000 ETH was acquired.
ETH is currently trading at $1,830, reflecting a 12% decline over the week.
