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Ethereum Price Retraces Below $1,100 With Plunging Crypto Market, Is ETH’s Bull Run Over?

Ethereum, the second-largest cryptocurrency in the world is down more than 18% since yesterday, as the ETH dropped below the $1,100 price level. ETH is currently trading just above $1,050.

The cryptocurrency market has lost over $170 billion in total market value over the last 24 hours as the Bitcoin price fell below $34,000. The overall value of the crypto market is currently around $940 billion, down from $1.1 trillion yesterday.

At the time of writing, Bitcoin is trading around $33,500, down more than $8,000 from its recent high of $41,500. The total market cap of Bitcoin is now around $635 billion. BTC is down nearly 15% in the last 24 hours.

Ethereum (ETH) Price Analysis

The Ethereum price had jumped above $1,300 over the weekend in an effort to register another all-time high, but as the crypto market retraces, where can we expect the Ethereum price to go to next?

ETH.png

Source: ETH/USD 4hr TradingView

The price of ETH has broken out of the ascending wedge and fell heavily today. It found support at the $1,000 level and it is holding slightly above it currently. If this can provide a decent support to the price, the ETH may go sideways before further down or resume its upcycle.

Traders need to pay extra attention to the price support $1,000 and it may go to $900 level if it is broken. Currently, it seems that it is unlikely to break the support and therefore we expect a significant price recovery for the ETH price after the big dump.

Ethereum price is trading at $1095 at the time of writing.  

Image source: Shutterstock

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