What is the next support level for ETH as market sell-off sends its price below $1,800?

The price of Ethereum (ETH) has decreased by 6.5% in the past 24 hours, with its drop to $1,637 occurring as the cryptocurrency market is experiencing losses due to regulatory uncertainty.

ETH has decreased by 11% in the past week, but has increased by 52% in the last 12 months, and has recovered relatively well since the beginning of the year.

However, due to the SEC’s recent enforcement actions, investor panic and liquidity loss have caused ETH to fall below a few important support levels in the past few hours, which raises the possibility of further decreases in the future.

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Nevertheless, Ethereum’s fundamentals remain strong and, since the coin was not mentioned in the regulator’s recent complaints, it is in a better position to recover in the coming months than many of its rivals.

Ethereum Price Prediction as Market Sell-Off Sends ETH Below $1,800 Level – Where is the Next ETH Support?

If there is anything positive that can be said about ETH’s decrease today, it is that its indicators now suggest that it can fall much lower and should rebound sooner or later.

For one, ETH’s relative strength index (purple) is now below 30, signaling that the altcoin is very undersold and should (all other things being equal) recover in the near future.

Likewise, its 30-day moving average (yellow) has dropped very far below its 200-day average (blue), something which, in normal circumstances, would indicate a recovery in price.

But with ETH’s support level (green) plunging to new depths, it cannot be predicted with any real conviction that the coin has finished falling.

It fell through the long-term support of $1,800 overnight and then quickly fell through $1,700 as well.

There is nothing to suggest that it will not fall through $1,600 either, given how badly affected altcoins have been as a result of the ongoing SEC drama.

On the other hand, ETH will not be as badly affected by the actions against Binance and Coinbase (and other platforms) as other altcoins, with numerous of its rivals (including Solana, Cardano, and Cosmos) being named as ‘securities’ in the SEC’s filings.

The SEC’s classification here has already led to certain altcoins being taken off trading platforms, yet ETH remains unscathed, even if there are some question marks about the ETH staking services offered by exchanges.

Assuming the SEC does not change its mind (which cannot be ruled out), ETH is in a relatively superior position to recover in the next few months.

And there are plenty of fundamental reasons to be bullish about ETH, including its successful introduction of staking withdrawals in April.

This implementation has actually led to an increase in ETH staking, with some 22.8 million ETH now staked, up from around 18 million prior to withdrawals.

If this figure continues to increase, more ETH will be taken out of circulation, something which will support its price in the longer term.

Also supporting its price is the fact that Ethereum has a tendency to become deflationary during periods of peak activity, which again can reduce its supply relative to demand.

As such, ETH is not likely to be depressed for long, with the altcoin potentially looking at a recovery back up to $2,000 by the end of the year.

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Presale Tokens for Quicker Profit

While ETH holders wait patiently for the next major ETH rally, other investors and traders may prefer to look at newer altcoins that have the potential to grow sooner and faster, given their younger ages.

Among the most promising altcoins right now are presale tokens, with the best of these potentially set for big rallies when they list on exchanges.

This includes ecoterra, an Ethereum-based recycle-to-earn platform that has raised more than $5.1 million since beginning the presale for its ECOTERRA token last month.

The ecoterra platform is scheduled to launch in the second half of 2023. The platform aims to create a decentralized ecosystem based on cryptocurrency to support sustainable living. Users who recycle their household waste at participating recycling points will be rewarded in ECOTERRA. The platform will also incentivize users who generate their own green energy, rewarding them with NFT-based carbon offsets. These offsets will be tradeable on ecoterra’s own NFT marketplace, providing yet another incentive to live a greener lifestyle. This environmental focus sets ecoterra apart from most other cryptocurrencies in the market, making it attractive to ESG-minded investors. Interested investors can participate in the presale by visiting the official ecoterra website and connecting their software wallets. Currently, 1 ECOTERRA costs $0.00925, but the price will rise to $0.01 in just over 13 days. It’s worth noting that these prices may seem extremely affordable when ECOTERRA lists in the coming months. To learn more, visit ecoterra’s website.