Ethereum Could Drop Below $2,800 if Support Breaks, Analyst Warns

IconCryptoNewsTerminal Staff02 Aug, 2024

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Ethereum Could Drop Below $2,800 if Support Breaks, Analyst Warns

Analysis from crypto expert Michaël van de Poppe indicates that Ethereum (ETH) could face a significant downturn if particular support levels are breached. Key Points: ETH is currently trading above support. A break below this support could lead to a drop to $2,800 or lower. * Conversely, a breakout above resistance could spark a rally. Poppe believes that if ETH breaks below its current support, it could trigger a sharp decline towards $2,800. He also suggests that Bitcoin (BTC) might test $60,000 in such a scenario. On the other hand, if ETH manages to hold above support and break upwards, it could signal a bullish trend reversal. In that case, a rally towards higher levels becomes possible. Investors should closely monitor ETH's price action to determine its next move. A break below support could lead to further losses, while a breakout above resistance could indicate a potential recovery.

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