Has the ETH Sell-off Ended? 3 Reasons Why $2,700 is a Strong Support

Ethereum's market cap dropped by 10% in just two days, with some serious selling going on. While many analysts think ETH might keep falling, there are three indicators suggesting a potential rebound for this leading altcoin. First off, looking at the technical analysis, the daily chart shows that ETH has bounced back to the lower end of its sideways trading channel. This $2,700 level is a solid support that could trigger a price increase. Next up, on-chain data highlights a support zone at $2,682. This figure represents the average price where big players started accumulating their ETH. Whales have a history of protecting this level by reinvesting into the market. Lastly, the ongoing negative Exchange Netflow for Ethereum backs up these points. It seems traders keep pulling ETH from exchanges into their personal wallets rather than leaving it on exchanges.

It marked with gold and other metals dumping and possibly could create rotation from gold to bitcoin and trickle down to ethereum. Maybe the time we've been waiting for has come? a rotation from tradfi to cryptocurrency. I have gut feeling that this might be a good time to accumulate top cryptocurrencies but the chart is pretty scary. Anyway, we're at pretty low RSI and I personally planning to do DCA again.

If this analysis were for Bitcoin, it might be logical, but with the unpredictability of the Bitcoin price, it will be difficult to predict the direction of the Ethereum price. The Ethereum price trend first requires that there be optimism about the Bitcoin price direction, and then we can see rises, which means that the $100,000 levels for Bitcoin are what may push Ethereum to rise. BTW, I hope this topic is not SEO SPAM.

We can only exercise more patience about the expectations in ethereum this season, a little more time is require to launch us into the alts season and thereby see it break the resistance affecting from making all time high, if this wasn't its season and then we found out that it couldn't make all time high at the same time, then the indication is pointing towards the possible future expectation during the alts season.

For now, I want to believe there is no hard floor for ETH. If there was, the constant bids from Tom Lee and Bitmine should have formed a hard floor that would act as a rock solid support but that's not the case as we have seen after the sell-offs for the last one week. However, there is currently no major grounds for crypto right now ETH included. Until there's a structural market shift in crypto, we might see sub $2K.

Hard floor, resistances, floor price, anything all of that can change in a split seconds move of the market. We have seen that ETH didn't do that much for last year's bull run. But what I believe when all of these precious stones ATHs are done, money will overflow again to the crypto market and it will be with Bitcoin and as well as Eth that shall benefit from it. Right now, the market is hot and had a sudden dip, expect that more panics are going to come even if they're not in losses and some would just choose to sell off as they panic that it's going to go down some more.

This prediction was already looking rather shaky when this thread was created and now that supposed hard floor has fully collapsed. Anybody that borrowed against ETH to go long is forced to sell to unwind their position and avoid liquidation. Tom Lee must be really nervous since he keeps losing billions worth of investors’ money. Regardless of whether Bitmine starts selling their ETH holdings, it is safe to conclude that the crypto treasury company bubble has now burst. I can only see some rough times ahead for Ethereum, as far as price goes, for the foreseeable future.

Unfortunately everything is dumping right now, not even gold can save you. Ethereum as just an altcoin will be hit harder than bitcoin. At times like this, those three signs you outlined will become useless because market is in the state of irrationality. Even buying feels like catching falling knives, I think we're on early stage of bearish market but it's too early to make conclusion, one thing you need to know is that, MSTR is on the brink of negative position and they averaged at $76k. It's not looking great.

When looking at the price of shitcoins in dollars, what most people may not know is that the only reason why it is higher than they deserve is bitcoin! When bitcoin price goes up against dollar for example 20%, all these shitcoins have to do is to not get dumped any more than -20% against bitcoin to have their price go up against dollar. But this works 2 ways. When bitcoin price comes down, these shitcoin's dollar price also come down. And that's what's happening here for ETH. When bitcoin started its crash, altcoins crashed against dollar too on top of their regular ongoing and slow drop against bitcoin. Therefore you are seeing ETH price currently at $2100 instead of the false "hard floor" thing OP mentioned. And it will continue going lower if bitcoin drops more.

I believe in Ethereum, but I’ve lost faith in the idea of a traditional "altseason." It seems crypto investors have become much more selective; they no longer buy altcoins indiscriminately across the board. Honestly, the developers only have themselves to blame for this lack of trust. The good news is that altseason has become "target-specific." I’ve made a solid profit on Monero, and I’m comfortably in the green on TRX, especially when you factor in the staking rewards.

I don’t believe $ETH will drop below $2,300. A "structural shift" isn't necessary; a strong technological catalyst is enough. Just yesterday, the developers formed a dedicated team specifically to work on protecting the blockchain against quantum computing. This is exactly the kind of news that should drive ETH’s growth.

Altcoins lose more of their prices from all time highs and latest prices before a market crash than Bitcoin. It's how the cryptocurrency market works but it's naturally as it only reflects lower values or zero values of altcoins. Don't buy altcoins because they are top altcoins. Ethereum as one of strongest altcoins but it is not exception while its loss is still better than shitcoins. In coming bearish months, people will learn this lesson again especially newbies who participated in the market in two latest years with FOMO and high hope of getting rich quickly and easily. Bearish months will help them self-learning about this market, manipulations and how "potential" Ethereum and other shitcoins are. They only can master this fact by experience bear market and have losses by themselves.

Absolutely true, since altcoin usually ride on Bitcoin's momentum, we could see that the value of those shitcoins is not independent on its own, what we usually witness is it reflects on the price on how it hold up against BTC. If Bitcoin pumps even those total shitcoins or dead ones may look stronger or alive, but when Bitcoin also dumps. The value of those shitcoin dump more harder. This is really the reason why we have seen that ETH on its current figures now and usually we have seen all alts drop if Bitcoin drops. That's why we don't need other altcoins or shitcoins since if we look at the situation happening on the market. Bitcoin is already enough especially if we talk about having an investment with it for long term.

Or at least instill confidence on paper. We will see whether these words will be developed further into something interesting.

We can't be so sure with everything of what the devs or the teams are broadcasting about. When the market has its own form and movement, these moves done by them can't withstand how insane it is. Hope so, but I've seen plenty of good news about it and the effect is little to none.

It's already under 2000, it is clear that we are in a bear market and we are going to see even lower. I highly doubt under 1000 will happen, but anything until then is quite possible and will happen. The real trouble would be if ETH stayed up while everything else goes down because that would be not a good thing in the crypto world. Usually something staying up while all others are falling, happens because we end up seeing things that are quite faked, like manipulated, so that we would be buying trusting ETH more than others and just as enough of us trust it, they would crash it. So let ETH fall, because the entire market is going down, things that do not stay up, and things that do not fall further than others, are fine projects.

$1200 maximum, that should be the lowest price considering the TVL and projects deployed on the chain. Anything beyond that is grossly undervalued and might be a good buy. That sub $1k dump also possible only if bitcoin somehow getting back to $30k level again which I hope won't. There is rarely scenario where ETH stayed up while everything goes up. Only possible if something big happen yet there is nothing meaningful happening.

Yeah, I agree. I mean under 2700 was easy to reach, but lowest at 1200 should be reasonable and I would say that is very realistic as well. Going under 1000 seems like it would require not only sell off from ETH but also a lot of sell off from all the TVL in the chain and that would not be easy, we are talking about way too many people all doing the same thing after years of not doing it. Not that it's impossible, of course it's a possibility and in technical terms yes that can happen, but by logic we can say ETH could be 10 dollars too, yet nobody would find that realistic, so the realistic way to approach it is your way, 1200 because of the amount of money in ETH and its chain and all the projects in it.

Unfortunately everything is dumping, when things like this happens it’s you know it’s time to keep buying more, everything depends on bitcoin to thrive, Now the price dumping have hit bitcoin massively and that is how Etherum and other altcoins will be more affected, and most people will panic and start selling their crypto and start buying again, and all of this things always affects bitcoin entirely. More people will keep buying and hoping that there is profits for them to trade their cryptocurrency, but if I’m someone that is holding altcoins I will have to sell because there is every tendency that I might loose all my money, which is why people are selling and diversifying to Gold and Silver.

I think that if the bearish trend continues and ETH falls below $2k again, we should focus on the nearest support levels to which ETH may fall and then reverse, rather than guessing what a "realistic" bottom might be. Personally, I'm particularly interested in the support levels in the $1.4-1.75k range.