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Here’s a prime analyst’s Ethereum price outlook after ETH dropped under $3,000

Ethereum has declined under $2,900 after bulls gave up the $3,000 help stage over the weekend. The drawdown within the price of Ether (ETH) comes as the highest cryptocurrency Bitcoin (BTC) additionally faces large sell-off stress after dropping under $40,000.

Currently, Ethereum is buying and selling close to $$2,860 with 24-hour losses of about 2.8%. Bitcoin, alternatively, has slipped to lows of $38,800 and is roughly 2% within the purple.

Ethereum probably to retest $2,600

While he maintains a bullish outlook for prime two cryptocurrencies by market cap, prime crypto dealer and analyst Rekt Capital sees a possible dip to lows of $2,600 for Ethereum.

“ETH has flipped ~$3050 into new resistance on the weekly timeframe,” the analyst said pointing to a chart displaying Ethereum price has dropped over the previous 4 weeks.

“As a result, ETH now has a greater chance of performing a long downside wick to even as low as $2600 on the monthly timeframe,” he famous.

Chart displaying ETH/USD has dropped under a important help stage. Source: Rekt Capital

Although the outstanding crypto analyst means that Ethereum could but flip decrease, he thinks bulls could but see $3,000.

Highlighting Ethereum’s month-to-month chart, Rekt Capital says:

“ETH volatile retest of ~$3000 (black) may very well be in progress. Downside wick could go down to as low as the green Higher Low ($2600). A wick into the HL before ultimately performing a Monthly Candle Close above ~$3000 (black) would be bullish.”

Here is a chart displaying the analyst’s tackle what could occur subsequent for ETH/USD.

Ethereum traded at highs above $3,500 earlier this month. Data from CoinGecko reveals that at present costs, the ETH/USD pair is down almost 11% up to now two weeks and eight% up to now 30 days.