The crypto market experienced another day on May 12, as the fallout from Terra’s LUNA and UST failures continued to spread throughout the ecosystem.
UST coverage and its impact on Bitcoin (BTC) have been extensively covered over the past few days, but withdrawals have also had a significant impact on Ethereum (ETH) prices as traders rushed out of the market. ..
According to data from Cointelegraph Markets Pro and TradingView, Ether has dropped to $ 1,701 over the last seven days of sales. This is a price not seen since July 2021.
Let’s take a look at what some analysts have said about the Ethereum outlook and the level of support and resistance to note.
Ether needs to get back $ 2,250
The overnight plunge into the $ 1,700 lows was documented by crypto analyst and pseudonym Twitter user Rekt Capital. Post The following chart outlines Ether’s key support and resistance zones.
Rekt Capital said:
“If Ether rebounds strongly from here and the monthly closing price cannot exceed the black ~ $ 2,250 level, ~ $ 1,720 reveals a weakness and may not be able to maintain the price.”
If the price fell further, Rekt Capital showed that the blue zone on the chart was “next major support sub ~ $ 1720” near $ 1,350.
Bounce at the 2021 summer lows
Insights on what Ether’s price behavior would look like if it went down were provided in the following tweet by Cryptopherus. Meditation Just a few weeks ago, it sounded strange to talk about Ether falling to these levels.
“Technically, Ether is rebounding from the 2021 summer lows (higher than Bitcoin so far). The bounce area is one of these $ 1,700 to $ 1,800. [range] Or us [are] Need to test [the] $ 1,400 zone. “
Related: How long will the crypto bear market last? Macro analysis of RaoulPal
Possibility of short-term retest of $ 1,550
The long-term view of Ether’s price behavior was discussed by market analyst Caleb Franzen. suggestion Breakdown of “bearish” below the main trend line.
“It is very likely that we will retest the January 2018 high of about $ 1,550 within 24 hours. If it falls below the previous resistance level, it is another bearish signal.”
The overall cryptocurrency market capitalization is currently $ 1.219 trillion and Ether’s dominance is 19.2%.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.