Ethereum Price Alert: $2,350 Holds Key to Next Move
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Ethereum (ETH) has experienced a significant 17% drop since Friday, breaking below key support levels after US airstrikes triggered market-wide panic selling. The cryptocurrency plunged below $2,100 before rebounding, offering a glimmer of hope for bulls. However, analyst Ted Pillows highlights the need for ETH to reclaim the $2,350 level, the top of its previous trading range, to signal a deviation rather than a complete breakdown. Failure to do so could lead to further declines. The drop follows a broader 26% decrease since its June high, placing it under intense bearish pressure. Geopolitical instability, coupled with macroeconomic factors like persistent inflation and a hawkish Federal Reserve, contribute to the market uncertainty. The $2,100 level provided temporary support, but the sustained bearish momentum is evident in the breakdown of the $2,320-$2,850 range that had held since early May. High-volume selling further reinforces the bearish trend. Technical analysis shows ETH trading below key moving averages, indicating strong downward pressure. Reclaiming the $2,320 level is crucial for bulls to regain control; otherwise, the price could fall towards the $2,000-$2,100 support zone. The coming days are critical for Ethereum, with the potential for a long-awaited altcoin rotation if key levels are reclaimed, or further downside if bearish pressure continues. Every price movement holds significance in this decisive phase for the cryptocurrency.
