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Ethereum’s price trajectory has taken a sharp downturn, with technical analysis showing a possible crash to $2,000. Crypto analyst SwallowAcademy pointed out on the TradingView platform that some bearish signals are forming in smaller timeframes, especially as buyers have failed to maintain a key support zone at $2,700. The broader market downturn over the past 24 hours has only strengthened the case for further declines for Ethereum.
Ethereum Plunges Over 12% In 24 Hours As Market Suffers Steep Losses
The crypto market has taken a heavy hit, with Bitcoin falling below major support at $90,000 and shedding 6.9% over the past 24 hours. Ethereum has fared even worse, with its price plunging 12.6% in the same timeframe. Particularly, Ethereum broke below support levels at $2,600, $2,500, and $2,400 in quick succession.
This steep decline has aligned with SwallowAcademy’s warning about Ethereum’s weakness on smaller timeframes, further lending weight to the possibility of a more profound drop to $2,000. The analyst acknowledges that bearish pressure on lower timeframes could open the door for further declines.
Although the immediate fallout from Bybit’s hack appeared contained, the market now seems to be experiencing a delayed reaction, with fear gradually setting in among investors. This growing uncertainty, combined with persistent outflows from crypto investment products, has added more downward pressure on Ethereum’s price.
As it stands, the current Ethereum daily candle is firmly in the hands of sellers, with no signs of easing pressure. The weakening weekly candle has tipped the scales towards more declines than a bullish uptrend, though it is still early in the week to decide. If the current selling momentum continues and the price breaks below $2,200, the next major downside target is $2,000 before any notable bounce can occur.
At the time of writing, Ethereum is trading at $2,395 and is at the risk of more declines over the next 24 hours. Despite the sharp drop, the RSI has yet to reach oversold conditions, which means that sellers may still have room to push prices lower before exhaustion sets in.
Featured image from Adobe Stock, chart from Tradingview.com
