Ethereum Price Prediction Signals 20% Downside Risk As 60-Day Support Falls

Ethereum Price Prediction: Ethereum (ETH), the world’s second-largest cryptocurrency, has been experiencing a lateral trading pattern for over a month, fluctuating between two key levels at $2400 and $2137. The appearance of daily candles with rejection wicks at both ends signifies a prevailing uncertainty among investors. Recently, a sharp market downturn, partly attributed to speculated rejections of spot Bitcoin ETFs by the US SEC as reported by Matrixport, a digital asset financial services firm, resulted in a notable 6.5% drop in the ETH price. This decline led to the breach of a crucial support trendline, hinting at the risk of further corrections.