Ethereum Risks Falling to $2,180 if Current Support Fails

Ethereum (ETH) has fallen below its key support level of $2,600 amid a market retrace, with analysts predicting a potential drop to $2,180. This decline follows a significant hack of the Bybit exchange, which impacted the entire crypto market.

Current Market Conditions

• ETH's price initially dropped 10% but failed to maintain the $2,600 support.
• The next critical support is identified at $2,425; failure to hold could lead to a drop to $2,300.
• Analyst Ali Martinez warned that if ETH falls below $2,345, many investors would incur losses.
• Another analyst suggested a possible 6% further decrease, targeting $2,000 if current levels are breached.
• If ETH cannot hold the $2,320-$2,330 range, it risks dropping to $2,180.

Potential Short-Term Movements

• Some analysts see a bullish divergence potentially leading to a short-term rally towards $2,600-$2,700.
• Others suggest Ethereum may move sideways for the next few months, similar to past performance after losing the $2,900 support in August 2024.
• There is speculation about a Wyckoff Check accumulation pattern, indicating a possible trend continuation if the $2,140 level holds.

As of now, Ethereum is trading at $2,324, reflecting a 15% weekly drop.