Ethereum

While the majority of assets in the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency sector</a> going through a period of sideways trading, Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) is no different, and breaking through a crucial <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> level could spell more trouble for the second-largest crypto by market capitalization.Specifically, <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> dropping below the $1,600 – $1,550 zone might lay the foundation for a significant correction between 37% and 45%, targeting the $1,000 level, according to the chart <a href="https://twitter.com/ali_charts/status/1693507725169193156" rel="noopener noreferrer nofollow">observations</a> shared in a social media post by <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> expert Ali Martinez on August 21. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ef7e59988a0e467db4479630dcb29ff6.jpg" />Ethereum price action analysis. Source: <a href="https://twitter.com/ali_charts/status/1693507725169193156" rel="noopener noreferrer nofollow">Ali Martinez</a>Earlier, on August 20, the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analyst also <a href="https://twitter.com/ali_charts/status/1693227378070212633" rel="noopener noreferrer nofollow">highlighted</a> that the <a href="https://finbold.com/guide/ethereums-role-in-web3-development/" rel="noopener noreferrer nofollow">Ethereum network</a> fundamentals were “still lagging, signaling a <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> trend.” As he specified, the number of monthly active Ethereum wallets is lower than the yearly average, indicating little <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> activity, which is “a classic sign of weak network health and usage.” <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/2075a9acbc2b46e683feecb0443a4599.jpg" />Ethereum active addresses momentum. Source: <a href="https://twitter.com/ali_charts/status/1693227378070212633" rel="noopener noreferrer nofollow">Ali Martinez</a>At the same time, the non-fungible token (<a href="https://finbold.com/guide/how-to-mint-sell-nfts-non-fungible-tokens-explained/" rel="noopener noreferrer nofollow">NFT</a>) market on Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) is witnessing a substantial shift, its NFT floor price index surpassing that of Ethereum by 22%, according to the seven-day chart data <a href="https://twitter.com/StocktwitsNFTs/status/1693417069167984785" rel="noopener noreferrer nofollow">shared</a> by <a href="https://finbold.com/guide/how-to-buy-x-stock/" rel="noopener noreferrer nofollow">X</a> (formerly Twitter) user Stocktwits NFTs on August 21. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/13116040fc0745e588ebdb34cc1fa529.jpg" />Cardano vs. Ethereum NFT market. Source: <a href="https://twitter.com/StocktwitsNFTs/status/1693417069167984785" rel="noopener noreferrer nofollow">Stocktwits NFTs</a><h2 id="header-0">Ethereum price analysis </h2>Meanwhile, the price of ETH at press time stood at $1,668.55, indicating a decline of 0.16% in the last 24 hours, as well as a 9.66% drop across the previous seven days, in addition to losing 11.82% on its monthly chart, according to the most recent data.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/fa344d7fe2a14c07b18b7cb9dc057aca.png" />Ethereum 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">Finbold</a>Although the potential further crash looks bearish from the current viewpoint, many crypto experts and Ethereum enthusiasts would argue that it is precisely the threshold at which to accumulate and ‘<a href="https://finbold.com/guide/what-is-hodl/" rel="noopener noreferrer nofollow">hodl</a>’ the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> while it is still cheap before its price surges upward in the future.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ethereum at risk of crashing to $1,000, crypto expert warns

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