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Ethereum Might Drop Below Key Support Levels: Analysts Concerned

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by Giorgi Kostiuk

7 hours ago


Ethereum recently broke a key support level at $2,200, reinforcing bearish market sentiment and sparking concerns about a potential drop to $1,250.

Introduction: Ethereum Risks

Ethereum has slipped below a key support level of $2,200, intensifying bearish sentiment in the market. This decline could lead to a drop to $1,250, aligning with historical support and Fibonacci retracement levels. If selling pressure persists, ETH could fall toward this target.

Current Situation Analysis

Analyst Ali Martinez highlights that Ethereum’s breakout from a parallel channel signals a potential decline to $1,250. Ethereum has already declined to $1,840. Analysts have identified crucial support zones at the $1,640 and $1,250 levels.

Ethereum targets $1,250 after breaking out from this parallel channel!Ali Martinez

Potential Support Level Insight

According to Glassnode, Ethereum’s Cost Basis Distribution (CBD) has increased from 1.6 million to 1.9 million ETH at the $1,886 level. This could potentially offer temporary support, while fear-driven selling by long-term holders may create favorable accumulation conditions.

With ongoing selling pressure, Ethereum faces further losses if it fails to uphold critical support levels. Nevertheless, data suggest potential accumulation opportunities ahead.

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