Ethereum Might Crash After The Current Supply Zone, Analysts Predict

The crypto market is spiraling downwards, especially Ethereum and other altcoins. The overall market cap lost $50 billion last weekend, leaving the current figure at $950 billion. Unfortunately, it eventually lost the $1 trillion mark. The price fall in Bitcoin, Ethereum, and other crypto caused the recent plunge. The trend emerged after the August 26 Federal Reserve annual meeting. Jerome Powell made a speech reiterating the plans of the agency to continue its hawkish approach to fighting inflation. After the speech, the crypto and equities market plunged. Related Reading: Bitcoin Taker Buy/Sell Volume Spikes Up As Price Experiences Volatility From then till the morning hours of August 29, crypto prices continued falling. However, at the time of writing mid-day on August 29, there is a positive move in the crypto market. Ethereum has regained 2.63% of its early morning losses and is now trading at $1,517.81. The price correction started early on August 29, placing ETH’s price at $1,451 and reducing its market cap to $177 billion. Now, ETH is trading under two major supply zones, according to IntoTheBlock data. Analyst Explains Bearish Prediction According to Martinez, the two supply zones Ethereum traded were $1,475 and $1,560. In the first supply zone, 585K addresses bought a total of $2.81 million worth of ETH. 526K addresses hold 3.44 million worth of ETH in the second zone. The support can only be at $1,335, showing...