Ethereum (ETH) Price Might Crash Heavily If This Happens! Here’s The Potential Low Level
The post Ethereum (ETH) Price Might Crash Heavily If This Happens! Here’s The Potential Low Level appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto market is one that brings out joy and fear due to its volatility. Along with Bitcoin, Ethereum too had declined. The second-largest crypto had seen a downfall below the $3,440 level. However, it looks like a double bottom pattern had formed near $3,400 and ETH Price saw a recovery phase.
At the time of reporting, ETH/USDT Price is trading at $3,521 with an increase of 1.34% over the last 24hrs. Hence, after crossing crucial resistance at $3,500, It is now showing a moving higher sign.
Ethereum Price Surpass 200-Day SMA
After multiple rejections since January 13, Ethereum has finally crossed its 200-day Simple Moving Average (SMA) after crossing the $3,703 level. This crucial breakout points toward Ethereum’s rally that might see at $3,703. If the altcoin successfully manages to cross $3,703, the next target is set at $4,040.
However, for any important accumulations to take place, the ETH price should either have a retracement or steep corrections. For ETH/USDT, the immediate buy the dip support lies at $3,000.
Interestingly, the demand zone that lies between $2,820 to $2,966 coincides with 50-day and 100-day SMAs, and a bounce off from this level, will see the altcoin price skyrocketing towards $4,000.
Ethereum To See $10,000 Level
Now, this outlook points towards a most bearish outline that Ethereum could witness before rallying towards $10,000. If Ethereum’s price falls below the $3,000 level, then the price could drastically fall to $1,730 due to uncollected liquidity.
It is to be noted that Ethereum’s price will crash at $1,730 only if the Bitcoin price crashes to $35,000 and further to $30,000.
Meanwhile, though Ethereum’s price has a positive outlook, there are chances that the first buy zone will not happen if Ethereum falls below the $2,820 support level in the daily time frame. This will further pull the price towards $1,730.
