Ether Price Prediction: ETH Risks Dropping to $2k as Selling Pressure Increases

Ether has dropped 7% to below $2,300, making it the worst performer among top cryptocurrencies. The cryptocurrency is at risk of further decline to the $2,000 mark due to growing selling pressure. Key support levels are at $2,174 and a further drop to $1,860 is possible if this fails. However, bullish momentum could push Ether back up towards $2,450 or even $2,700.

Ether, the second-largest cryptocurrency by market cap, is struggling today as it finds itself at the bottom of the top ten performers. Over the past 24 hours, Ether has lost a staggering 7% of its value, now trading below the $2,300 mark. As it currently stands, Ether is priced at approximately $2,274, raising concerns that it may drop to the critical psychological level of $2,000 if selling pressure persists.

The recent slump in Ether’s price coincides with a broader downtrend in the cryptocurrency market, which is experiencing notable losses overall. Bitcoin, the market leader, has fallen to around $102,000, a reaction to heightened tensions globally, particularly in the Middle East. This shifting landscape poses risks for all major cryptocurrencies, including both BTC and ETH, which could see further declines in the near term.

Looking at the technical indicators for Ether, the 4-hour ETH/USD chart presents a bearish outlook. With the Relative Strength Index (RSI) sitting at 35, it’s evident that Ether is under substantial selling pressure. The MACD line has been in negative territory since mid-June, indicating that bears have taken charge of the market. Should this trend continue, Ether might face its next support level at $2,174 soon.

If Ether manages to defend this $2,174 level, there’s a chance it could rally back, pushing towards a liquidity zone around $2,450. However, should it fail to hold this support, there’s a looming threat that it could tumble to the $1,860 range, marking a drop not seen since May.

Should the market narrative shift and bullish momentum returns, Ether could potentially see a quick move towards $2,700, tapping into higher liquidity levels. But for now, the focus remains on whether it can maintain strength against the prevailing bearish forces that loom large in the market.