Ethereum price has been the benchmark for several ALT coins in the industry. The digital coin saw a notable fall in prices, earlier this Wednesday. The fall might be a concern for new investors in the industry, however, seasoned traders don’t seem to be concerned much.
A veteran trader and CEO of a Global trading firm Factor LLC Peter Brandt expect the coin to hit as low as $2,276 even if the head and shoulders work. He also suspects a bear trap owing to the recent weakness in the movements of the digital asset. Accordingly, a technical breakdown could possibly devalue crypto by over 26%.
Meanwhile, ETH is down by 5.09% with the price hovering around $2916.91, the coin hit its 24-hour low at $2,676.41. However, the trading volume has been up by 4.87% for the past 24-hours. The statistics sourced are from press time. We can expect the coin to fall below its support levels if the value depicts a SeeSaw movement.
The fall in ETH prices and the crypto market, in general, has a lot to do with the ongoing real estate crisis in China. Which has shaken markets across the world. However, a class of analysts anticipates the coin to rebound and rush towards the $5000 mark, surpassing its ATH of $4,362.35, provided the coin manages to stick over its historic support levels.
Summing up, the coin has not lost investor’s interest despite the value plunging below the $3k mark. The dApps and NFT space based on the network, are performing satisfactorily well. And Ethereum still holds the lion’s share in DEX volume, despite the expensive gas fees. Consecutively, traders have been buying the dip, and hopefully, the ALT coin rebounds sooner than expected as the economic crisis in China subsides with governments initiative.