Bitcoin

Ethereum

Cryptocurrency traders believe that Ether’s next move is crucial not only for its own price but also for Bitcoin. Ether is currently holding onto a critical support level and is at a tipping point.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/651ce897402e431387e897122ec6d091.png" />If it fails to maintain this support, it could lead to a decline below $2,800, which could have broader implications for the cryptocurrency market, including Bitcoin.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d8b93d9b7a7f43b99092dae973019c77.png" /><h3 id="ethereum-s-support-level-and-potential-impact-on-bitcoin">Ethereum’s Support Level and Potential Impact on Bitcoin</h3>“Ethereum is holding onto the crucial area of support,” MN Trading founder Michael van de Poppe wrote in an August 3 X post. He explained that if Ethereum fails to maintain this support level, it could lead to a decline to around $2,915, which represents a further drop of about 4%. This drop could also push Bitcoin, currently trading at $60,717, further into an uncertain range for traders.Van de Poppe warned that if Ethereum loses this support, Bitcoin might test $60K, while Ethereum could drop below $2,800 as part of a significant correction. Other traders also suggest that Ethereum’s price might fall below $2,800 before any potential recovery begins.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/fbf6b9a4ae354abab53f8ef02771082f.webp" />Michael van de Poppe points to a possible further decline in Ether’s price. Source: Michael van de PoppePseudonymous crypto trader Crypto Wealth noted, “The only other level which seems price could go before a full-blown reversal would be around $2,700.” Similarly, trader Poseidon added, “At this point, the price should sweep the $2,800 lows and test the weekly demand, $2,500-$2,700.”<h3 id="ethereum-s-current-price-and-market-impact">Ethereum’s Current Price and Market Impact</h3>Ether is currently trading at $2,885, down 11.09% since July 28, according to CoinMarketCap. A further decline to $2,800 could lead to a significant impact, wiping out $259.46 million in long positions, as noted by CoinGlass data.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d8b93d9b7a7f43b99092dae973019c77.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/c7661edb5d2a41779688f42103a41926.webp" />Ether’s price is down 11.09% since July 28. Source: CoinMarketCapDespite the current volatility, MN Trading founder Michael van de Poppe pointed out the potential for a rebound. “If that doesn’t happen and we rotate back up from here, it’s party time,” he stated, suggesting optimism for a possible recovery.<a href="https://cryptosheadlines.com/shiba-inus-4th-birthday-august-2024-expectations/" rel="noopener noreferrer nofollow">Also Read: Shiba Inu&#39;s 4th Birthday: August 2024 Expectations</a>This analysis comes amid a week of fluctuating spot Ethereum ETFs, with inflows and outflows alternating. The net outflows from July 29 to August 2 amounted to $169.4 million, according to Farside data.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7f1b9bddc0fd4f578a1725597515acaf.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Ethereum Holds Key Support; Drop Below $2.8K Possible

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