Key Takeaways
- Ethereum’s price crashed to $3,300 following a 100% tariff imposed on China, as the price of altcoins experienced a significant market dump.
- Altcoins experienced over a 50% price drop on Friday due to COVID-19, as BTC’s price could determine the next market movement.
- If the price of ETH fails to protect its zone of $3,800, the price could trade lower into $2,700, where liquidity is present.
Bitcoin’s market price crashed from around $122,000 to $103,000, triggering significant market liquidations on exchanges with over $250 billion in liquidations so far, as the prices of altcoins, including Ethereum (ETH), struggle to defend key zones.
The recent price crash in the market has been sparked by the tariff war between the US and China, as Donald Trump has imposed a 100% on China, which led to the US stocks seeing over $1.6 trillion wiped out in a few hours, while the crypto market saw over $7 billion in less than an hour, the highest since COVID-19.
While the price of ETH in the last few days has struggled to find bullish price action, the price of BTC must show a strong market rebound to keep the speculation of a bull market alive and support the October narrative.
If Bitcoin’s price fails to protect its key demand zone of $108,000 and the market falls to $95,000, we could see altcoins experience a more significant price decline, losing key support regions to lower price points.
Although the price of Ethereum continues to struggle, if it fails to react from the key zone, what should we expect from the price, and where would whales and investors be looking to buy in?
Ethereum Price Analysis and Key Zones
Source – Ethereum 1D Price Chart from TradingView
The price of ETH has shown strength around its key zone of $3,800 despite a recent price crash from a high of $4,950 to around $3,300.
With the price looking to sustain its rebound and reclaim its level above $3,800, a key demand zone for whales and investors looking to buy into ETH.
A strong rally from this key zone could see a price target of $4,200 on the daily timeframe. However, if the price fails to protect this zone, we could see bears dominating the price towards a key low of $2,700 as the next zone of interest.
With the market looking oversold, where is the price headed in the coming days: a bullish rally to an upside or a breakdown to a lower price zone?
FAQs
Why is the ETH falling?
Donald Trump’s imposition of a 100% tariff on China caused the US stock market and crypto prices to crash to key zones.
How much will Ethereum be worth in 2030?
Ethereum has the potential to trade as high as $7,000 before 2030, following past market price actions.
Is Ethereum a hold or sell?
Price currently trades around the key support zone, as traders and investors would be looking to buy into the price.
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