Analyst say Ethereum price could fall to $1,700 if the current climate prevails

The current wave of volatility is still affecting Bitcoin (BTC), Ether (ETH), prices. This is prompting traders to go back and rethink their short-term expectations. The possibility of Bitcoin falling to $2,500 is increased by the fact that Ether fell below $2,900 support on February 17.

TradingView and Cointelegraph Markets Pro data show that Ether dropped to $2,752 intraday after it hovered near the $2900 support level during the morning trading hours.

ETH/USDT 1-day chart. Source: TradingView

Here are some thoughts from analysts about Ether’s price fall and whether more downside can be expected as global tensions rise.

The next stop for Ethereum could be $1700

Crypto trader and pseudonymous Twitter User ‘Crypto Tony” provided a general overview of Ether’s current outlook and posted the following chart, which discusses the areas of support or resistance that should be kept in mind.

ETH/USD 1-day chart. Source: Twitter

Crypto Tony said.

“$3,900 is still my most important area and if you flip that, I believe the low is in… If we reject it or fail even to reach it, we will head towards my main goal of $1,700.”

The price is above a “supertrend” resistance level

Market analyst and pseudonymous Twitter User ‘IncomeSharks,’ posted a chart showing that Ether is at a significant resistance zone.

ETH/USD 4-hour chart. Source: Twitter

According to the analyst

“Ether right at supertrend resistance. It’s more likely to break upwards than it is to flip bullish because it is flat. If it flips bullish, I believe $2,900 to $3,000 is next.

Related: U.S. Inflation Breaks 40-year Record: Can Bitcoin be used as a hedge asset or?

Further downwards is projected by the macro trend

Pentoshi, a trader and pseudonymous user on Twitter, offered insight into what might happen to Ether, and the wider altcoin markets, if it fails to hold its current level.

ETH/USD 1-day chart. Source: Twitter

Pentoshi stated,

“I will note that there is some local strength in this area since it has held its lows, but overall it is still at lower highs. Trend is down. *IF* these lows break *THEN* *MOST* altcoins turbo nuclear.”

The total cryptocurrency market is now worth $1.899 trillion. Bitcoin’s dominance rate at 41.4%.

com. You should do your research before making any investment or trading decision.

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