Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Ethereum Crashes to Monthly Low – Is There Worse to Come?

Ethereum Crashes to Monthly Low – Is There Worse to Come?

CryptoNewsCryptoNews2024/09/07 11:15
By:Tim Hakki

If it continues to shed over the weekend, $ETH could begin next week consolidating a new support level of around $2,000.

Last updated:
September 6, 2024 11:53 EDT
 
 

Crypto’s second biggest currency, the $285 billion market cap $ETH token underpinning Ethereum, the blockchain with the most commercial activity, has crashed to a one month low overnight.

On paper, Ethereum’s 24-hour loss of 1% is in step with the trillion-cap market leader Bitcoin ($BTC) which shed the same amount.

Bitcoin currently changes hands at $56,172, while Ethereum is about $2,369. Both leading cryptocurrencies shed roughly 6% over the last seven days.

The last time Ethereum traded this low was on August 7 last month, when it’s price bottomed out at $2,351 after a heavy market crash two days prior.

The last time Ethereum traded consistently in the $2,300s was in early February this year.

Ethereum has been struggling a little this year. The launch of spot Bitcoin ETFs in January helped pull up the price of all cryptocurrencies considerably, including Ethereum.

 

Spot Ether ETFs came next, back in mid-Summer, but cooling inflows have helped dampen investors’ sentiment.

Ethereum Price Analysis – Further Drops Incoming?

Ethereum is currently trading far short of its $3,500 resistance level, seen throughout the summer.

If it continues to shed over the weekend, $ETH could begin next week consolidating a new support level of around $2,000.

Ethereum Crashes to Monthly Low – Is There Worse to Come? image 1 Source: TradingView

However, there are two indications that holders may not incur further losses.

The first is that Ethereum’s price has risen in the last hour closer to its thirty-day moving average of $2,382.

The coin’s rising relative strength index (RSI) of 44 suggests investors are doing a spot of dip-buying.

 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!