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Ether is holding tight to a critical support level and is at a tipping point that could lead to a decline below $2,800 if it fails to hold, according to crypto traders.
“Ethereum is holding onto the crucial area of support,” MN Trading founder Michael van de Poppe wrote in an Aug. 3 X <a href="https://x.com/Crypto_MichPop/status/1819831985415844235" target="_blank" rel="noopener nofollow">post</a>. Van de Poppe further explained that if it fails to maintain the level, it may impact Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) around a further 4% and push Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), which is trading at $60,717, further down into an uncertain range for traders.
“If this is lost, Bitcoin is likely going to test $60K and Ethereum will test 
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/2cb746b4-0174-48d7-913f-2c71fd6fd2de.png" alt="Ethereum price clings ‘crucial area,’ drop below $2.8K looming" title="">
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 Michael van de Poppe points to a possible further decline in Ether’s price. Source: Michael van de Poppe
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Other traders also suggested that Ether’s price might drop below $2,800 before any recovery begins.
“The only other level which seems price could go before a full blown reversal would be around $2.7k,” pseudonymous crypto trader Crypto Wealth <a href="https://x.com/AskCryptoWealth/status/1819708976369451350" target="_blank" rel="noopener nofollow">wrote</a>.
“At this point, the price should sweep the 2800 lows and test the weekly demand, $2500-$2700,” pseudonymous crypto trader Poseidon <a href="https://x.com/CryptoPoseidonn/status/1819843067089989733" target="_blank" rel="noopener nofollow">added</a>.
Ether is currently trading at $2,885 at the time of publication, down 11.09% since July 28, <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/3c454f48-2c6e-40e0-911a-f9e3b4dd7bdb.png" alt="Ethereum price clings ‘crucial area,’ drop below $2.8K looming" title="">
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 Ether’s price is down 11.09% since July 28. Source: CoinMarketCap
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A slight decline to $2,800 will wipe out $259.46 million in long positions, <a href="https://www.coinglass.com/pro/dashboard/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGlass data.
Given Ether’s current volatile range, van de Poppe pointed out that there’s also potential for a rebound in the near term.
“If that doesn’t happen and we rotate back up from here, it’s party time,” he stated.
Related: <a href="https://cointelegraph.com/news/3-ethereum-price-metrics-point-to-further-downside-in-eth">3 Ethereum price metrics point to further downside in ETH</a>
This comes after a week of <a href="https://cointelegraph.com/news/spot-ethereum-etfs-flip-positive-after-34m-inflow-july-30">spot Ethereum ETFs oscillating</a> between inflows and outflows. The overall net amount from July 29 to Aug. 2 was outflows totaling $169.4 million, <a href="https://farside.co.uk/?p=1518" target="_blank" rel="noopener nofollow">according</a> to Farside Investors&nbsp;data.
On Aug. 1, Katalin Tischhauser, head of investment research at Sygnum Bank, told Cointelegraph that spot Ether exchange-traded funds <a href="https://cointelegraph.com/news/ethereum-etfs-could-reach-10b-aum-in-first-year-sygnum-bank">could amass as much as $10 billion</a> in assets under management within their first year of trading.
Magazine: <a href="https://cointelegraph.com/magazine/fake-bitcoin-2024-ai-stream-mog-phishing-dmm-hack-dust-exsi-ransomware/">‘Elon Musk at Bitcoin 2024’ scam, Lazarus Group hacks, MOG phishing: Crypto-Sec</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum price clings ‘crucial area,’ drop below $2.8K looming

Cointelegraph

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