Key Takeaways
- ETH has become the least performing asset among the top 10 cryptocurrencies, losing 7% of its value.
- The cryptocurrency is at risk of dropping to the $2,000 mark amid increasing selling pressure.
Ether Drops Below $2,300 After 7% Decline
Ether, the second-largest cryptocurrency by market capitalization, is currently the worst performer among the top 10 cryptocurrencies, having lost 7% of its value in the past 24 hours and trading below $2,300.
As of publication, the price of Ether is $2,274 and it may fall to the psychological support level of $2,000 if the downward trend continues. This decline is occurring as the broader cryptocurrency market also experiences losses.
Bitcoin, the largest cryptocurrency by market cap, has dropped to around $102,000 amid escalating tensions in the Middle East. If this trend persists, Bitcoin, Ether, and other major cryptocurrencies could continue to see losses in the coming hours and days.
Ether May Test Support Level at $2,174
The current ETH/USD 4-hour chart indicates a bearish outlook, and the pair could see further losses if this trend continues. The RSI at 35 suggests that Ether is facing strong selling pressure from investors.
The MACD line has moved into negative territory since June 12, indicating a protracted bearish control of the market. With the market remaining bearish, Ether may test the next support level at $2,174 in the coming hours or days. If this support is not defended, Ether could swiftly drop into the $1,860 range for the first time since May.
However, if the market sentiment shifts and bullish momentum returns, Ether could quickly target the next liquidity zone around $2,450. A sustained bullish rally could potentially lead it to the transactional liquidity area at approximately $2,700.
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