The crypto market crashed again on the news of the Russia/Ukraine conflict. Ethereum was trying to recover from its bearish trend but failed to do so as most markets around the world started to crash. Currently, Ether prices are at a very strong support area that is considered a buy area for most investors and technical traders. Is it wise to buy Ether at the current price? Or will Ethereum price crash as the war developments in Eastern Europe continue? Let’s tackle Ethereum and analyze as professional traders do!
Ethereum Price Crash 12%
As soon as the war started to happen around 4 am European time on the 24th, Ethereum price crash along with the crypto market. In figure 1, we can see how prices were already in a downtrend. However, the crash happened very fast, and Ether prices crashed by more than 10% within 5 hours.
From the high of 3.2K, Ether reached again its low of the year 2022, which is a strong support area around 2.2K.
Will Ethereum Price fall below 2K?
It is clear in figure 1 that Ethereum prices have a strong support area of around 2.3K. As soon as prices hit this area, Ether prices recovered back to a current price of 2.45K. There are many buyers eyeing this specific price area. On the other hand, if prices manage to break lower towards 2.15K, consolidate below 2.3K and fail to recover, we might expect prices to fall below 2K.
The current situation shows a slight recovery in prices, but crypto investors who own ETH should be very wary of prices sliding downwards again.
