Analysts believe Ethereum price could drop to $1,700 if…

Bitcoin (BTC) and Ether (ETH) are still being hit hard by the current wave of volatility, causing traders to reschedule and revise their short-term expectations. On Feb 17, bitcoin price briefly dipped below $40,000 and ether failed to hold the $2,900 support, increasing the chances of a drop to $2,500.

Data from TradingView shows that after trading near $2,900, Ether was hit by a sell-off that caused it to drop to an intraday low of $2,752.

ETH/USDT daily frame price chart | Source: TradingView

Here’s what analysts are saying about Ether’s decline and whether the downtrend will hold as global tensions continue to escalate.

Ether’s next stop could be at $1,700

For a general view of Ether’s current prospects, popular trader Crypto Tony. post The chart below explains the support and resistance levels to watch.

“$3,900 is still the most important area for me and if Ether flips it I believe a bottom is in. Here rejected or unable to successfully flip my main target, Ether is heading towards $1,700.”

ETH/USDT daily frame price chart | Source: Twitter

Market analyst ‘IncomeSharks’ says that Ether is currently facing a significant area of ​​resistance.

“Ether at resistance Supper trend (Supertrend – the indicator follows the mainstream of the market and only changes based on the closing level of the index). Since it is flat, there is usually a higher chance of a breakout to the upside and into an uptrend. Then my next goal is $2,900 – $3,000.”

4-hour frame ETH/USDT price chart | Source: Twitter

Macro situation predicts a further downward trend

Details on what could happen to Ether and the broader altcoin market if it fails to hold these current levels have been provided by trader Pentoshi.

“There is local strength here as it has held lows but still lower highs overall. The trend is declining. If these lows break, many altcoins will remain under selling pressure.”

ETH/USDT daily frame price chart | Source: Twitter

You can see the details of Ether price.

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