Ethereum Faces Rejection at $2,100, Analyst Predicts Drop to $1,200

Ethereum (ETH) has faced significant resistance at the $2,100 price level, leading to a bearish outlook following a recent rejection. Analysts are speculating on potential further declines for ETH.

Key Developments

Rejection at $2,100 signals bearish sentiment in the market.
A prominent analyst forecasts a downtrend with targets between $1,130 and $1,200.
ETH's value has decreased by 54% after breaking below its ascending channel.
Current trading price is around $1,870, down by 6.81% within the last day.
Broader macroeconomic factors and Bitcoin’s market instability are influencing ETH’s performance.

Market Outlook

Stability in the market is uncertain as concerns about a potential economic recession grow. Investors remain cautious amid geopolitical tensions impacting trade policies.