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<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-price-crash-eth-price-to-reclaim-2-8k-or-plunge-to-2-2k/">Ethereum Price Crash! ETH Price To Reclaim $2.8K Or Plunge To $2.2K?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Amid increased volatility in the crypto market, top tokens have displayed a negative price action since the start of the week. Further, with the price of Bitcoin hovering around the $59,000 level, the Ethereum price has plunged below its important support of $2,500.</p> 
<p>With questions like “Will ETH price hit $3K?” and “How high will Ethereum price go in 2024?” on a constant rise, investors are concerned about their investment in this digital oil.</p> 
<p>In this article, we have covered the market sentiments, price action, and possible price targets of the 2nd largest cryptocurrency by market capitalization.</p> 
<h2 class="wp-block-heading" id="h-eth-coin-price-breaks-its-crucial-support-zone">ETH Coin Price Breaks Its Crucial Support Zone</h2> 
<p>With a drop of 8.12% in the past day, the <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum token</a> has plunged below its important support zone. Further, the altcoin has also broken down the ascending triangle pattern in the 1D time frame. This highlights increased selling-over-buying pressure in the market.</p> 
<figure class="wp-block-image">
 <img decoding="async" width="1435" height="757" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28133720/image-509.png" alt="ETH price analysis 28-08-2024" class="wp-image-343610" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28133720/image-509.png 1435w, https://image.coinpedia.org/wp-content/uploads/2024/08/28133720/image-509-300x158.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28133720/image-509-1024x540.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28133720/image-509-768x405.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28133720/image-509-150x79.png 150w" sizes="(max-width: 1435px) 100vw, 1435px">
</figure> 
<p>Notably, the altcoin has continued trading under a bearish sentiment by losing 5.66% in the past week and 23.68% over the past 30 days. With a trading price of $2,459.80, the Ethereum token has a market capitalization of $295.658 Billion.</p> 
<h2 class="wp-block-heading" id="h-ethereum-market-sentiments">Ethereum Market Sentiments</h2> 
<p>The MACD indicator has displayed a constant decline in the green histogram. Further, the averages show a high possibility of a bearish convergence in the 1D time frame. This indicates an increase in the selling pressure for the ETH price in the market.</p> 
<p>Further, the Relative Strength Index (RSI) has recorded a sharp plunge toward the oversold range. Moreover, its average trendline has recorded a negative crossover. This highlights a negative outlook for the altcoin leader in the coming time.</p> 
<h2 class="wp-block-heading" id="h-will-eth-price-reclaim-3-000-this-september">Will ETH Price Reclaim $3,000 This September?</h2> 
<p>If the market regains momentum, the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">Ethereum price</a> will reclaim its resistance level of $2,500. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $2,800 during the upcoming week.</p> 
<p>On the flip side, if the bears continue to dominate the cryptocurrency market. This could result in the ETH price plunging toward its crucial support trendline of $2,200.</p>

Ethereum Price Crash! ETH Price To Reclaim $2.8K Or Plunge To $2.2K?

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