Ethereum has bled heavily owing to the aftermath of the crypto crash. Prices of other altcoins followed suit as Bitcoin hangs below the $30,000 price mark. Ethereum’s current price has hit a new low in 2022.
The altcoin had tried to pull off a brief recovery a week back but the broader market weakness finally crept in and caused it to dip further.
At the time of writing, ETH is seen below its major support line of $2500. Selling pressure had accelerated as the increased fear index drove investors out of the market.
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From the technical outlook, Ethereum is set to dip further and then could stage a recovery above $2500. Ethereum’s long entry point could be at $2500, with a stop loss at $2400