{"id":601045,"date":"2024-04-02T20:00:05","date_gmt":"2024-04-02T20:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=601045"},"modified":"2024-04-02T15:08:06","modified_gmt":"2024-04-02T15:08:06","slug":"is-ethereum-in-danger-analyst-warns-of-bearish-future-if-eth-drops-below-this-level","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-ethereum-in-danger-analyst-warns-of-bearish-future-if-eth-drops-below-this-level\/","title":{"rendered":"Is Ethereum In Danger? Analyst Warns Of Bearish Future If ETH Drops Below This Level"},"content":{"rendered":"

Ethereum (ETH) showed a notable performance throughout March. The second largest cryptocurrency hit $4,000 twice and seemed ready for lift-off to a new all-time high (ATH) while the whole crypto market soared.<\/p>\n

Quarter one (Q1) 2024 closed with important achievements<\/a> for the crypto community. However, as Q2 started, Bitcoin began a correction that dragged Ethereum and the rest of the crypto market.<\/p>\n

Related Reading: Investor Alert: Ethereum Q2 Potential Promises Double-Digit Gains \u2013 Analyst<\/a><\/div>\n

Are Ethereum Bulls In Problems?<\/h2>\n

The king of altcoins has registered red numbers for the past two days. ETH\u2019s momentum recovery after the market slowdown was halted after the token followed BTC and the rest of the market.<\/p>\n

On Monday, crypto analyst Ali Martinez expressed<\/a> concerns about Ether\u2019s future. He suggested investors should \u201calways be prepared for the best and the worst\u201d scenario.<\/p>\n

Martinez deemed \u201cbreaching the $3,400 support level\u201d as the most brutal scenario for the second-largest cryptocurrency. This move would confirm a bear pennant pattern that formed on the daily chart.<\/p>\n

If confirmed, the bearish formation could trigger ETH\u2019s price to face a \u201cmajor correction,\u201d according to the analyst. The correction could make Ether\u2019s price dip to $2,800.<\/p>\n

Martinez reaffirmed his analysis after Ethereum continued to dip<\/a> in the early hours of Tuesday. After the token fell under the support level mentioned above, the analyst asserted that falling under $3,460 was a problem for the bulls.<\/p>\n

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#Ethereum<\/a> dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further $ETH<\/a> correction toward $2,850 or lower. pic.twitter.com\/dFpnpZtBVM<\/a><\/p>\n

— Ali (@ali_charts) April 2, 2024<\/a><\/p><\/blockquote>\n