Ethereum Price Needs To Reclaim This Key Level To Prevent Drop To $1,700

On Tuesday, the Ethereum price fell by 8%, following the overall correction in the cryptocurrency market and even outperforming Bitcoin’s (BTC) ￰0￱ has sparked concerns as ETH nears important support levels, putting its $3,000 mark at ￰1￱ Events Lead To Significant Corrections Ram Ahluwalia, the chief investment officer at Lumida Wealth, recently noted that the roots of this latest crypto sell-off can be traced back to the Federal Reserve’s (Fed) October ￰2￱ Reading: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000 On October 29, the central bank announced its second interest-rate cut of the year. However, during the subsequent press conference, Fed Chair Jerome Powell expressed uncertainty about the possibility of another reduction in ￰3￱ to Ahluwalia’s analysis, this has been detrimental to Bitcoin and the overall crypto market, as lower interest rates typically bolster speculative assets like ￰4￱ to the ongoing Ethereum price correction, mid-October saw US President Donald Trump announce new tariffs on China due to its restrictions on rare earth ￰5￱ announcement triggered a flight of investors from cryptocurrencies to safer assets such as ￰6￱ Price Under Pressure From a technical perspective, analysts at The Birb Nest have highlighted key levels to ￰7￱ social media platform X (formerly Twitter), they noted that the Ethereum price broke below a critical weekly support level, which they interpret as a major deviation until price action proves ￰8￱ highlighted that a breakdown below the altcoin’s yearly open of $3,337 might push the Ethereum price to $2,800.

For a positive reversal, they believe ETH must retake $4,000 and close above this level on a weekly ￰9￱ Reading: Caution In The Crypto Market: Expert Warns Of Bearish Phase Unfolding This November Additionally, the ETH/BTC pairing is under scrutiny, with prices trading below the yearly open at ￰10￱ target a rise towards 0.04, reclaiming this level is ￰11￱ then, analysts are watching for potential retests around 0.0325–0.03. However, some experts, such as Ali Martinez, caution against overly optimistic ￰12￱ warns of a worst-case scenario in which the Ethereum price fails to reclaim the $4,000 mark, and potentially drops to as low as $2,400 or even $1,700.

A decline of this magnitude would mean an additional 45% increase for ETH, which could also lead to a deeper correction in the broader altcoin ￰13￱ of this writing, ETH is trading at $3,100. This represents a significant gap of 32% between the current trading prices and the all-time highs, which could not be re-tested before the end of the year unless a new recovery occurs before the weekly ￰14￱ image from DALL-E, chart from ￰15￱