Ethereum Risks Drop to $1,550 Without Reclaiming Key Resistance
Ethereum (ETH) has dropped 17% in the last month, currently trading below $1,850. Analysts warn of a potential decline to 17-month lows if it does not regain key resistance levels.
Potential Drop to $1,550
- ETH traded below key support for two days, between $1,750-$1,840.
- Failed to recover the $1,900 mark recently.
- Lost its 15-month range in early March, dropping below $2,100 for the first time since December 2023.
- Facing its worst performance in seven years with four consecutive negative monthly closes.
- Analyst Rekt Capital noted a double top formation within a $2,196-$3,904 Macro Range.
- Currently in a historical liquidity pool between $1,640-$1,930; positioned for a bearish retest.
- Rejection from the $1,930 mark could lead to a 15% drop to around $1,550.
Possible 20% Rally?
- ETH's dominance dropped from 20% to 8% since June 2023, historically signaling a reversal.
- Key levels to watch include $1,750 support and $2,100 resistance.
- Analyst Sjuul suggests a possible 20% rally based on a Power of 3 setup.
- Accumulation phase observed after dropping below $2,150; hovering between $1,840 and $2,100 since March 10.
- Current price is $1,808, showing a 2.2% increase in the daily timeframe.
