Ethereum price has fallen below the magic number of 1,000 euros for the first time in a long time. The price has always been closing negatively on the weekly chart for the past ten weeks. This extended downtrend has led Ethereum price to fall below 1,000 euros. But how far could the Ethereum price fall? Could the price fall to around 500 euros? In this Ethereum price prediction article, we’re going to analyze Ether prices from a technical perspective.
Ethereum Price Prediction – Where will Ethere prices reach?
Looking at the weekly chart of the Ethereum / Euro pair, we can see that the next support is around EUR 666. Normally we would consider the old all-time high, which is around EUR 1,100, as support, however, this week it has probably been broken. Whether this support has been broken or not can only be said after a weekly closing price in week 24.
If the weekly closing price is below $1,100, we assume that the Ethereum price will fall to 666 EUR. In the worst case, if the EUR 666 support fails, which we do not expect, for the time being, the price could target the next support. This is around 380 EUR.
Ethereum or Bitcoin? Which coin will perform better?
If we look at the Ethereum price against Bitcoin, we can see that it has also broken through an important support. The price broke the 0.055BTC support, which is why the price could target the next support. This is around 0.042BTC. So we come to the conclusion that the Bitcoin price will most likely outperform the Ethereum price.
The Crypto Market at a Glance
In the past 7 days, all cryptocurrencies are deep in the red. The top losers from the top 100 cryptos by market cap are NEXO, FLOW and CurveDAO. Here are the top 10 cryptos by market cap:
- Bitcoin (BTC): – 30 %
- Ethereum (ETH): – 38 %
- Tether (USDT): 0 %
- USD Coin (USDC): 0 %
- Binance Coin (BNB): – 24 %
- Binance USD (BUSD): 0 %
- Cardano (ADA): – 19 %
- Ripple (XRP): – 18 %
- Solana (SOL): – 20 %
- Dogecoin (DOGE): – 27 %