Interestingly, this Ethereum price crash in the past 24 hours came as a surprise, as bulls managed to hold above a key support level of $2,700 despite the fiasco of Bybit’s $1.5 billion hack that took place throughout the weekend. Although the immediate fallout from the exchange’s hack appeared contained, the market now seems to be experiencing a delayed reaction, and fear is gradually setting in among investors.
Particularly, Ethereum broke below support levels at $2,600, $2,500, and $2,400 in quick succession. Related Reading: Ethereum’s Large Consolidation Trend Points To Possible Price Explosion To $8,000 This steep decline has aligned with SwallowAcademy’s warning about Ethereum’s weakness on smaller timeframes, further lending weight to the possibility of a more profound drop to $2,000.
Analyst Weighs The Facts If the current selling momentum continues and the price breaks below $2,200, the next major downside target is $2,000 before any notable bounce can occur. At the time of writing, Ethereum is trading at $2,395 and is at the risk of more declines over the next 24 hours.
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