Ethereum

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-holds-critical-support-level/" data-wpel-link="internal">Ethereum Holds Critical Support Level</a> 
According to crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>, <a href="https://en.coin-turk.com/ethereum-wallets-accumulate-eth-as-on-chain-metrics-support-price-development/" data-wpel-link="internal">Ethereum</a> is clinging tightly to a critical support level, and breaking this support could lead to a drop below $2,800. MN Trading founder Michael van de Poppe wrote in an August 3 X post that Ethereum is holding onto a critical support area. Van de Poppe also explained that failing to maintain this level could affect Ethereum by approximately 4%. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-ethereum-front">What Is Happening on the Ethereum Front?</h2> 
The popular figure also explained that Bitcoin, trading at $60,717, could push investors into an even more uncertain range and shared the following statements: 
<blockquote> 
 “If this is lost, Bitcoin will likely test $60,000, and Ethereum will test below $2,800 as the last major correction.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376827 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/eth-2.png" alt="" width="1979" height="1027"> 
Other investors also suggested that Ethereum’s price could fall below $2,800 before any recovery begins. Crypto investor Crypto Wealth shared the following statements on the subject: 
<blockquote> 
 “The only other level the price could go to before a full reversal seems to be around $2,700. At this point, the price should sweep the $2,800 lows and test the weekly demand levels of $2,500-$2,700.” 
</blockquote> 
Ethereum, according to CoinMarketCap <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, was trading at $2,885 at the time of writing, down 11.09% since July 28. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376826 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/cmc.webp" alt="" width="1579" height="823"> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
According to CoinGlass data, a slight drop towards $2,800 in the futures market will eliminate $259.46 million in long positions and trigger a significant liquidation process. Considering Ethereum’s current volatility range, van de Poppe indicated a potential for recovery in the near term: 
<blockquote> 
 “If this doesn’t happen and we turn up from here, it’s party time.” 
</blockquote> 
This period came after a week of spot Ethereum ETF funds fluctuating between inflows and outflows. According to Farside data, a total net outflow of $169.4 million occurred from July 29 to August 2. On August 1, Katalin Tischhauser, head of investment research at Sygnum Bank, stated that spot Ethereum exchange-traded funds could accumulate up to $10 billion in assets under management in their first trading years. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-holds-critical-support-level/" data-wpel-link="internal">Ethereum Holds Critical Support Level</a></h5>
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Ethereum Holds Critical Support Level

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