{"id":636104,"date":"2024-08-17T04:00:43","date_gmt":"2024-08-17T04:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=636104"},"modified":"2024-08-16T19:17:51","modified_gmt":"2024-08-16T19:17:51","slug":"brace-for-impact-ethereum-price-could-plunge-to-1200-in-december-says-expert","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/brace-for-impact-ethereum-price-could-plunge-to-1200-in-december-says-expert\/","title":{"rendered":"Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert"},"content":{"rendered":"

Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out.<\/p>\n

Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off<\/a><\/div>\n

ETH\u2019s Key Support Zone To Watch Out<\/h2>\n

The crypto market has seen several retraces<\/a> throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the \u201cking of altcoins\u201d has seen a 24% drop from the $3,400 support level.<\/p>\n

Following its fall below the $2,100 mark during the \u2018Black Monday\u2019 crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level.<\/p>\n

Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETH\u2019s next step.<\/p>\n

Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereum\u2019s performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH<\/a> continues its downward trend.<\/p>\n

\"Ethereum\"
ETH’s next support area is in the $2,300-$2,380 price range. Source: Ali Martinez on X<\/a><\/figcaption><\/figure>\n

According to the In\/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereum\u2019s price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February.<\/p>\n

Will Ethereum Drop To $1,200 This Year?<\/h2>\n

Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as \u201ceven giants will fall.\u201d Top analyst Benjamin Cowen stated that the \u201ccollapse of ETH\/BTC\u201d is almost completed.<\/p>\n

A year ago, Cowen forecasted that the collapse of the trading pair would \u201cmark the end of the altcoin reckoning.\u201d He explained that \u201caltcoin reckoning\u201d refers to the devaluation of the altcoins on their BTC pairs.<\/p>\n

The analyst added that ETC\/BTC was the \u201clast one to rise in the bull and it can be the last to fall in the bear.\u201d To him, this trading pair has four more months before it goes up next year.<\/p>\n

Additionally, Cowen predicted<\/a> that Ethereum\u2019s price could hit the $1,200 price range in December if its performance is similar to the last two cycles.<\/p>\n

Crypto investor Ted Pillows urged investors to hold on throughout the troubled waters, suggesting<\/a> that a $10,000 is still possible. To the trader, the \u2018King of altcoins\u2019 is not dead based on different factors.<\/p>\n

Ted highlighted that spot Ethereum exchange-traded funds (ETFs) inflows<\/a> have increased while Grayscale outflows have progressively gotten smaller, and Jump Trading has only around $60 million in ETH to sell.<\/p>\n

Related Reading: Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In<\/a><\/div>\n

Moreover, ETH is \u201cstrongly holding its support level,\u201d which he deemed the most important factor. Ultimately, the investor Predicts that the consolidation breakout will occur between November and December, while the \u201cparabolic run\u201d will start in Q1 2025.<\/p>\n

\"Ethereum,
Ethereum is trading at $2,566 in the weekly chart. Source: ETHUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out. Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off ETH\u2019s Key Support Zone To Watch Out The crypto market has seen several retraces throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the \u201cking of altcoins\u201d has seen a 24% drop from the $3,400 support level. Following its fall below the $2,100 mark during the \u2018Black Monday\u2019 crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level. Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETH\u2019s next step. Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereum\u2019s performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH continues its downward trend. According to the In\/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereum\u2019s price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February. Will Ethereum Drop To $1,200 This Year? Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as \u201ceven giants will fall.\u201d Top analyst Benjamin Cowen stated that the \u201ccollapse of ETH\/BTC\u201d is almost completed. A year ago, Cowen forecasted that the collapse of the trading pair would \u201cmark the end of the altcoin reckoning.\u201d He explained that \u201caltcoin reckoning\u201d refers to the devaluation of the altcoins on their BTC pairs. The analyst added that ETC\/BTC was the \u201clast one to rise in the bull and it can be the last to fall in the bear.\u201d To him, this trading pair has four more months before it goes up next year. Additionally, Cowen predicted that Ethereum\u2019s price could hit the $1,200 price range in December if its performance is similar to the last two cycles. Crypto investor Ted Pillows urged investors to hold on throughout the troubled waters, suggesting that a $10,000 is still possible. To the trader, the \u2018King of altcoins\u2019 is not dead based on different factors. Ted highlighted that spot Ethereum exchange-traded funds (ETFs) inflows have increased while Grayscale outflows have progressively gotten smaller, and Jump Trading has only around $60 million in ETH to sell. Related Reading: Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In Moreover, ETH is \u201cstrongly holding its support level,\u201d which he deemed the most important factor. Ultimately, the investor Predicts that the consolidation breakout will occur between November and December, while the \u201cparabolic run\u201d will start in Q1 2025. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":601047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6258,26263,10923,89756,8323,4854,1946,90181,89623,78803,12593],"class_list":["post-636104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-black-monday","tag-crypto-analyst","tag-crypto-market","tag-crypto-trader","tag-eth","tag-ether","tag-ethereum","tag-ethereum-bull-run","tag-ethereum-support-levels","tag-ethusdt","tag-market-crash"],"acf":[],"yoast_head":"\nEthereum Price Could Plunge To $1,200 In December, Says Expert<\/title>\n<meta name=\"description\" content=\"Some market watchers have called some key support levels to keep an eye on as Ethereum tries to maintain its price above the 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.","url":"https:\/\/wncen.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert","url":"http:\/\/wncen.com\/news\/brace-for-impact-ethereum-price-could-plunge-to-1200-in-december-says-expert\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/brace-for-impact-ethereum-price-could-plunge-to-1200-in-december-says-expert\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/kanchanara-7cmA9ZL5dDk-unsplash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/kanchanara-7cmA9ZL5dDk-unsplash.jpeg?fit=1920%2C1277"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Rubmar Garcia"}],"creator":["Rubmar Garcia"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["black monday","crypto analyst","crypto market","crypto trader","eth","ether","ethereum","ethereum bull run","ethereum support levels","ethusdt","market crash"],"dateCreated":"2024-08-17T04:00:43Z","datePublished":"2024-08-17T04:00:43Z","dateModified":"2024-08-17T04:00:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/brace-for-impact-ethereum-price-could-plunge-to-1200-in-december-says-expert\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/brace-for-impact-ethereum-price-could-plunge-to-1200-in-december-says-expert\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-7cmA9ZL5dDk-unsplash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-7cmA9ZL5dDk-unsplash.jpeg?fit=1920%2C1277\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Rubmar Garcia\"}],\"creator\":[\"Rubmar Garcia\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"black monday\",\"crypto analyst\",\"crypto market\",\"crypto trader\",\"eth\",\"ether\",\"ethereum\",\"ethereum bull run\",\"ethereum support levels\",\"ethusdt\",\"market crash\"],\"dateCreated\":\"2024-08-17T04:00:43Z\",\"datePublished\":\"2024-08-17T04:00:43Z\",\"dateModified\":\"2024-08-17T04:00:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/kanchanara-7cmA9ZL5dDk-unsplash.jpeg?fit=1920%2C1277","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/636104"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/614"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=636104"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/636104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/601047"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=636104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=636104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=636104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}