The price of Ether is stuck at a ‘critical point’, dropping below $2.8k.
Ether is holding on to a critical support level and is on the verge of a possible drop below $2,800, according to crypto traders.
“Ethereum holds critical support position,” MN Trading founder Michael Van de Pop wrote in an August 3 X post. Van de Pop also said that if it fails to maintain the level, it will affect Ether (ETH) by around 4%, and Bitcoin (BTC) – which is trading at $60,717 – could fall into an uncertain territory for traders.
“If this goes away, Bitcoin will probably try $60k and so will Ethereum.
Other traders have suggested that the price of Ether could fall below $2,800 before any recovery begins.
“The only level that seems to go before a full-blown reversal is around $2.7k,” said crypto trader CryptoWales.
“At this point, the price should sweep the 2800 lows and test the weekly demand of $2500-2700,” added anonymous crypto trader Poseidon.
According to CoinMarketCap data, Ether is currently at $2,885 at press time, down 11.09% since July 28.
A slight drop to $2,800 would result in a loss of $259.46 million in long positions, according to CoinGlass data.
Given Ether's current volatile range, van de Pop indicated that there is a possibility that it could return to normal in the near future.
“If that's not the case and we turn around from here, it's party time,” he said.
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This comes after a week of spot Ethereum ETFs swinging between inflows and outflows. Total net withdrawals from July 29 to August 2 totaled $169.4 million, according to Farside data.
In the year On August 1, Kathleen Tischhauser, head of investment research at Signum Bank, told Cointelegraph that the space ether exchange-traded funds could accumulate up to $10 billion in assets under management in the first year of business.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
