The price of Bitcoin (BTC) and Ether (ETH) continue to suffer strongly from the current wave of volatility, causing traders to return to the drawing board and adjust their short-term expectations. On February 17, the price of Bitcoin cards fell below $ 40K and Ethereum failed to hold on to the $ 2900 support, which increased the chance of a fall to $ 2500.

Data from Cointelegraph Markets Pro and TradingView shows that after hovering around the $ 2,900 support level during the morning opening hours, Ethereum sold out, sending it down to a low during the day of $ 2,752.

ETH / USDT 1-day chart. Source: Trading View
Here is what analysts are saying about the fall in Ethereum prices and whether a further decline is expected as global tensions continue to rise.

The next stop for Ethereum could be $ 1700
An overview of Ethereum’s current prospects is provided by cryptocurrency trader and Twitter user Crypto Tony, who posted the following chart, which discusses areas of support and resistance to keep an eye on.

ETH / USD 1-day chart. Source: Twitter
Crypto Tony sa:

«$ 3,900 is still the most important area for me, and if we change it, I think autumn will be good…
Price at “super trend” resistance level
Additional price gains on Friday were represented by market analyst and Twitter user “IncomeSharks” who posted the following chart, noting that Ethereum is now in a significant resistance zone.

ETH / USD on the 4-hour chart. Source: Twitter
According to the analyst:

“Ether has the right to resist the super trend. Since it is flat, it is usually more likely to break out and a bullish reversal. If the trend reverses, I think $ 2,900 to $ 3,000 will be next.”
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The general trend indicates a further decline
A glimpse of what could happen to Ethereum and the broader altcoin market if it fails to maintain current levels was given by trader and Twitter user Pentoshi.

ETH / USD 1-day chart. Source: Twitter
Bentoshi sa:

“I would like to note that there is a local strength here since it has kept its lowest levels, but is still low overall. The trend is downward. * if * these lows are broken *, then * most * altcoins are turbo-nuclear. ”
The total market value of cryptocurrency is currently $ 1.899 trillion and the Bitcoin dominance is 41.4%.

Source: CoinTelegraph