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The highly volatile and fluctuating cryptocurrency market has startled crypto investors with the major crash of a popular stablecoin, Terra. This has created speculations that the second-most popular cryptocurrency, Ethereum or ETH can fall its price below US$2k at the end of May 2022. The current price of Ethereum for crypto wallets is US$2,076.27 with a market cap of US$250.26 billion and a volume of US$16.63 billion. Thus, let's dig deep into the speculation of why ETH may fall below the price range of US$2k for crypto investors to drive profit in crypto wallets in the nearby future.
It has been observed that the cryptocurrency market has started to become a bit stable after the storms related to Terra. Ethereum is focused on trading at a major support level with the aim to provide a higher cryptocurrency price for crypto wallets. In April 2022, the price of ETH had been known for falling to make it impossible for crypto investors to drive profit. But it reversed its strategies and started reaching around US$3k in the first week of May.
The major reason for the minor downfall of Ethereum cryptocurrency price is the absence of the bullish volatility in the top-most popular cryptocurrency known as Bitcoin. The setup has been shattered and led to a bearish breakdown.
Ethereum started reducing its cryptocurrency price below US$2,100 with the 100 hourly simple moving average. According to crypto investors, ETH has failed to extend its price above the standard benchmark of US$2,400. It has been speculated that there can be a recovery strategy but the cryptocurrency price may reach the maximum of US$2k level.
Crypto investors are concerned regarding Ethereum failing to reach the US$2,200 resistance and the potential chances to fall down, even more, to incur losses in crypto wallets. Last week, the ETH price was in the headlines of the cryptocurrency market for a loss of 10% overnight amid a wider sell-off. It has now declined to 52% from the all-time high in November 2021.
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