ETH risks dropping to $2k as selling pressure increases

Key takeaways

• ETH is the worst performer in the top 10 today, losing 7% of its value.
• The cryptocurrency risks dropping to the $2k level amid growing selling pressure.

Ether drops below $2,300 after dipping 7%

Ether, the second-largest cryptocurrency by market cap, is the worst performer among the top 10 cryptos. It has lost 7% of its value in the last 24 hours and now trades below $2,300.

At press time, the price of Ether stands at $2,274 and risks dropping to the $2k psychological level if the bearish trend continues. Its poor performance comes as the broader crypto market records losses.

Bitcoin, the leading cryptocurrency by market cap, has dropped to the $102k region amid the growing tensions in the Middle East. If the trend continues, BTC, ETH, and other major cryptocurrencies could record losses in the coming hours and days.

Ether could test the support level at $2,174

The ETH/USD 4H chart is currently bearish, and the pair could record further losses if the trend continues. The RSI of 35 shows that Ether is facing heavy selling pressure from investors.

The MACD line crossed into negative territory since June 12th, indicating a sustained period of bears controlling the market. With the market still bearish, ETH could test the next support level at $2,174 in the coming hours or days. Failure to defend the $2,174 support level could see ETH quickly dump to the $1,860 region for the first time since May.

However, if the narrative changes and the bulls regain control, ETH could quickly target the next liquidity zone around $2,450. An extended bullish run could see it hit the transactional liquidity zone at around $2,700.