Ethereum: About to Crash? 😱

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Ethereum, oh Ethereum 🤪. It’s had a bit of a tumble lately, what with a near 20% drop over the last month. Right now, it’s just clinging on above that big, scary support level of $2,400. ETH is trading at ETH $2 369.

24h volatility: 1.8%
Market cap: $286.43 B
Vol. 24h: $25.34 B

Our good pal, Justin Bennett, a crypto market analyst, thinks ETH could go all the way down to $1,000 if it breaks that support. Yikes! Justin’s been looking at charts since 2017, and he says ETH is stuck in this tight channel. Now, it’s testing the bottom.

Source: Justin Bennet

Even though ETH hit a high of $2,855.23 recently, it couldn’t keep that momentum going. Technical indicators are saying ETH is in a critical zone. Justin says, “Nearly a month later, and bulls haven’t been able to do anything at support.” So, he thinks if ETH can’t hold on, it’s going to take a tumble.

Oh, and there’s more! Ethereum ETFs are also seeing some serious outflows. People are pulling their money out, and it’s not a pretty sight. Blackrock’s ETHA ETF even lost $48 million in just one day! Looks like some big players aren’t so confident about ETH anymore.

Analysts Remain Optimistic (Maybe?)

Despite all this doom and gloom, some analysts are still holding out hope. Crypto analyst Wolf says ETH is just hanging out in its “boring” sideways range.

Source: Wolf

He thinks ETH could hit $4,000 by the second quarter of this year. Ted Pillows, another analyst, is even more excited! He says the SEC is finally acknowledging Grayscale’s proposal to add staking to their spot Ethereum ETF. He thinks this is HUGE news and that institutional money will be flooding into ETH like crazy once it’s approved.

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2025-02-26 17:34