Ethereum Crash lower than $2,000! Will Ethereum reach 0 $?

The crypto crash was a harsh one for Ethereum and the entire cryptocurrency market. Many failures in the crypto sphere affected the price. To top all of that, a massive selling pressure became a mere selling snowball effect, crashing all cryptocurrencies, even stablecoins! What will happen to Ethereum now that its prices broke $2,000 lower? Will Ethereum reach 0 $? Let’s assess in this Ethereum price prediction!

What is Ethereum Crypto?

Ethereum started with the same consensus mechanism as Bitcoin did, the proof-of-work. But the project wants to shift to proof-of-stake. At Ethereum, this new protocol is named Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This machine can be used to create impactful decentralized programs, better known as smart contracts. These programs are written down on the blockchain with transactions. The users then should be able to access the features of these programs via transactions. With this, the conditions of the program can be changed depending on the logic and situations. 

Why did Ethereum Crash?

There are two sides to Ethereum’s crash: Weak Technicals coupled with very Bad Fundamentals.

  • Technicals: In a previous article, we did warn that the Ethereum price was risky. The downtrend formation since November 2021 weakened the buying power. This made prices plummet in a spiraling downtrend. Prices then reached a strong support level ($2,800) but broke it lower thanks to bad general sentiment in the crypto market.
  • Fundamentals: This affected not only Ethereum, but the entire crypto market. All tokens with no exception crashed in the past month. Several reasons can be attributed to this crash:

Will Ethereum reach 0$?

Ethereum price managed to break the strong support price of $1,800 briefly before reaching the current price of $1,900. This is definitely bad news, as prices need to stay higher than this level to hold. If the crypto market manages to recover soon, Ether prices can recover as well towards at least between $2,200 and $2,400.

On the other hand, should the crypto market continue to crash, Ether prices are expected to breach $1,800 again and reach the next support of $900. Reaching 0$ soon is not very likely for several reasons:

  • The DeFi industry is already there and striving
  • The crypto gaming industry is also there and increasing in players on a montly basis
  • The NFT sector is also still there and having daily sales, disregarding what’s happening to the crypto market
  • The technology behind Ethereum is set to improve in the coming months

The Crypto Market at a Glance

In the past 24 hour, the entire cryptocurrency market lost more than 15% on an aggregate level. XEC, GRT, and FTM were among the top losers, crashing by -44%, -43%, and -42% respectively. Other than stabelcoins (not UST), AXS and TRX managed to hold their positions, slightly gaining 4% and 2% respectively.

1- Bitcoin (BTC): – 10.0 %

2- Ethereum (ETH): – 18.4 %

3- Tether (USDT): 0 %

4- USD Coin (USDC): 0 %

5- Binance Coin (BNB): – 11.- %

6- Ripple (XRP): – 21.4 %

7- Binance USD (BUSD): 0%

8- Cardano (ADA): – 24.7 %

9- Solana (SOL): – 21.8 %

10- Dogecoin (DOGE): – 21.9 %

Bitcoin Price Prediction for Today, May 14: BTC Retreats After Moving Close to $30,000 Level

The Bitcoin price prediction increased considerably but despite the rejection, the bullish structure still stays around the $30,000 level. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $36,000, $38,000, $40,000 Support Levels: $24,000, $22,000, $20,000 BTCUSD – Daily Chart Buy Bitcoin Now Looking at the daily chart, the Bitcoin bears may be actively::Listen

The Bitcoin price prediction increased considerably but despite the rejection, the bullish structure still stays around the $30,000 level.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $36,000, $38,000, $40,000

Support Levels: $24,000, $22,000, $20,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

Looking at the daily chart, the Bitcoin bears may be actively taking back control as they are likely to force BTC/USD to bow down to fresh losses. The first digital asset may correct below the previous support at $28,564. At the time of writing, BTC/USD is changing hands at $29,650 after adjusting lower from $29,880 which is an intraday high. In addition, Bitcoin may be vulnerable to losses if the 9-day moving average remains below the 21-day moving average.

Bitcoin Price Prediction: Bitcoin (BTC) May Remain at the Downside

Looking at the Bitcoin price, one can say that the market price may likely follow the downtrend. For example, the technical indicator Relative Strength Index (14) may confirm the bearish movement as it is likely to remain within the oversold region. However, BTC/USD is still at great risk of dropping below the lower boundary of the channel.

Moreover, bulls are banking on the support level of $29,000 to ensure that despite a rejection, the Bitcoin price stays above the $30,000 level. Any further bearish movement below this could push the coin towards the critical supports of $24,000, $22,000, and $20,000. Meanwhile, following the upward movement, if the coin moves above the 9-day and 21-day moving averages, it may hit the nearest resistance levels at $36,000, $38,000, and $40,000 respectively.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

BTC/USD is seen hovering below the 9-day and 21-day moving averages as the 4-hour chart reveals, the bears may continue to be in control while the bulls are trying to defend the $29,500 support. If not, the $26,000, $24,000, and $22,000 support levels may come into play if the coin focuses on the downward movement.

BTCUSD – 4 Hour Chart

Moreover, buyers may need to regroup and hold the support of $29,000, once this is done, traders may expect a cross above the upper boundary of the channel, and breaking this barrier may further push the king coin to the resistance levels of $32,000, $34,000, and $36,000. Meanwhile, the technical indicator Relative Strength Index (14) is seen below 50-level, suggesting a sideways movement.

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Ethereum Crash lower than $2,000! Will Ethereum reach 0 $?

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