Ethereum (ETH) Price Fumbles Losing 12% in Last 24 Hours
The Russia-Ukraine situation has significantly damaged every industry, and the global trading platforms, including crypto space, experienced a massacre. While Bitcoin price has tumbled more than 8 percent, Ethereum price fell more than 12 percent.
Substantial Decline May Hit Again
And more crucially, no asset is showing a prospect of a substantial comeback and consequently visiting the lower support levels. Yet the ETH price within the present market trends has deteriorated in the higher time frame too much, and thus if the asset fails to maintain, then a substantial decline may hit again.
ETH/USDT: Source: TradingView
Ethereum’s price sustained its ascent above the uptrend line and rebounded nicely during each market sell-offs. However, since the beginning of 2022, the plunges were extreme and repeatedly questioned the rallies’ strength. And so, the ETH price looks to be relatively weak in the upper time frame, which is usually highly dangerous for the future surge.
The Ethereum price since the mid of February is sustaining a downturn which was increased during the early trading hours. The ETH price plunged more than 12 percent amid the war scenario and is presently trying to stabilize the fall.
However, a modest rebound is noticed, but the intensity is relatively low and may be exceeded by the bears very quickly. And the concern of the price plummeting to the lower levels around $2100 first and eventually below $2000 to approach $1800. The asset oscillates inside the lower Bollinger bands‘ lower ranges and consequently looks to be ready for a significant rebound back. The price slashed through the bands and swiftly re-entered without any hesitation.