Ethereum Faces Potential Drop if Key Level Breaks

Crypto analyst Rekt Capital warns that Ethereum (ETH) could face a value collapse if it fails to hold a crucial level.

Key Support Level

According to Rekt Capital, ETH needs to maintain support around $3,342. If it fails to do so, it could drop further to $2,700.

Historical Precedence

The analyst points to historical data that shows ETH has previously struggled to break through the $3,956 resistance level. This has led to declines in the past.

Long-Term Outlook

Despite the potential for a short-term drop, Rekt Capital remains bullish on ETH in the long term. He believes that if ETH can reclaim the $3,342 support level, it could rally to around $4,000.

Current Market Conditions

At the time of writing, ETH is trading at $3,340, down over 4% in the last 24 hours.