The prices of Ethereum and Bitcoin have been hit pretty hard by the current wave of volatility and this has led traders to start planning their next move. On the 17th of February, the price of Bitcoin went down below $40,000 and the prices of Ether couldn’t hold on to the support at $2,900- which further raised the chance of a drop to around $2,500.
According to data that was received from TradingView and Cointelegraph Markets Pro, it has been understood that after pushing near the support level of $2,900 throughout the entirety of the morning, the cryptocurrency was hit with a wave of selling that put its currency value below $2,752.
Ethereum Price Needs To Stabilize Itself
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Crypto Tony, a pseudonymous Twitter user, provided the current outlook for Ethereum, as they posted a chart that mentioned the areas of resistance and support that traders would be keeping their eye on. The analyst’s tweet stated that $3,900 remained the most important part of the cryptocurrency and if it flipped out at that point, it would be bad. In fact, things would get tougher for the cryptocurrency to a point where even the region of $1,700 would be hardpressed.
A much more bullish outlook was put up on Friday by IncomeSharks, who also posted a chart that indicated that Ethereum was currently at a more significant zone of resistance. The analyst further recorded that Ether was at the correct super trend resistance. Since the region was usually flat, there was a chance for the cryptocurrency to break upwards and remain bullish.
Pentoshi, another Twitter analyst, stated that they would be taking note of any local strength since it kept holding onto its lows but overall- things were still at a lower high. The trend was down, and there was a possibility of those lows breaking which would lead to Ethereum and the other altcoins turbo nuking the market.
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