{"id":1881,"date":"2024-08-29T05:30:34","date_gmt":"2024-08-29T05:30:34","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1881"},"modified":"2024-08-29T05:30:34","modified_gmt":"2024-08-29T05:30:34","slug":"ethereum-falls-below-2500-analysts-eye-potential-rebound-at-these-levels","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1881","title":{"rendered":"Ethereum Falls Below $2,500: Analysts Eye Potential Rebound At These Levels"},"content":{"rendered":"

Amid\u00a0Ethereum\u2019s continuous free fall in price, renowned crypto analyst Michael Van De Poppe highlighted<\/a> the asset\u2019s current weakness in a post on X earlier today\u00a0and when there could be a potential rebound.<\/p>\n

Van De Poppe\u2019s outlook comes at a time when Ethereum, the second-largest cryptocurrency by market capitalization, has continued to experience significant downward pressure<\/a>, much like its counterpart, Bitcoin. In the past 24 hours, ETH has seen a decline of 3.7%, bringing its current trading price to $2,491.<\/p>\n

Ethereum Outlook: When Will A Price Recovery Happen?<\/h2>\n

Van De Poppe noted in the post that Ethereum was rejected at the 0.046 BTC level and is now approaching high timeframe support areas.<\/p>\n

The analyst mentioned the possibility of a bullish divergence<\/a> forming, which could lead to a rally later this week or next. However, this potential recovery is contingent on ETH finding support and reversing its current trajectory<\/a>.<\/p>\n

$ETH<\/a> is super weak, it remains to be the case.<\/p>\n

Rejected at 0.046 BTC and is currently falling towards HTF support areas. There might be a case of a bullish divergence standing up, but then it should be rallying from later this week into next week. pic.twitter.com\/liVwA7moSm<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 28, 2024<\/a><\/p>\n

Another crypto analyst, Javon Marks, shared<\/a> a more optimistic outlook for Ethereum, drawing parallels with Bitcoin\u2019s recent performance. Marks suggested that Bitcoin\u2019s earlier successful breakout above $67,000 hints at what\u2019s next for ETH.<\/p>\n

He speculated that if Bitcoin could continue to climb, it could pave the way for Ethereum to reach its target of $4,811 or higher. However, this potential recovery\u00a0depends<\/a>\u00a0on Bitcoin\u2019s ability<\/a> to maintain its upward momentum and break above key resistance levels.<\/p>\n

Marks noted:<\/p>\n

Bitcoin climbing even more for ETH\u2019s \u2018following\u2019 fulfillment to $4811.6 could result BTC breaking above $67,559, which opens up $116,000+ and much, much more room to lead the crypto market into heightened bullish phases. Simplicity.<\/p>\n

Market Liquidations Surge As Traders Bet On Rising Prices<\/h2>\n

Meanwhile, the recent price drops in Ethereum and Bitcoin have significantly impacted traders, with many being caught off guard by the sudden downturn<\/a>.<\/p>\n

According to data<\/a> from Coinglass, over 92,000 traders were liquidated in the past 24 hours, resulting in total liquidations of $325.03 million. Ethereum accounted for $86 million of these liquidations, with $67.90 million coming from long positions.<\/p>\n

This suggests that many traders expected ETH to rise in price, only to be met with the opposite outcome. Bitcoin, too, saw substantial liquidations, accounting for $111.78 million of the total.<\/p>\n

Similar to Ethereum, the majority of these liquidations were from long positions, indicating that many traders did not anticipate the price decline.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

Amid\u00a0Ethereum\u2019s continuous free fall in price, renowned crypto analyst Michael Van De Poppe highlighted the asset\u2019s current weakness in a post on X earlier today\u00a0and when there could be a potential rebound. Van De Poppe\u2019s outlook comes at a time when Ethereum, the second-largest cryptocurrency by market capitalization, has continued to experience significant downward pressure, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1881","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1881"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1881"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1881\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}