Cryptocurrency analysts name the factors behind the fall of the Ethereum cryptocurrency

Cryptocurrency experts at NewBTC have named factors that could cause the main altcoin to fall ETH $2,968.85 Ethereum -5.34% Market capitalization $356.85 billion VOL. 24 hours $2.65 billion . According to the analysts, if ethereum fails to overcome the resistance of $ 1565, it may continue to move down to $ 1546.

The initial support on the downside is near $ 1520. The next key support is $ 1500. A breakdown below the $ 1500 support could lead to a further decline in the price. In this case, the price could fall to $ 1440. Any further losses could send the price to $ 1420.

As experts explained, the digital asset remained in a bearish zone below the $ 1580 resistance level. ETH failed to stay above the key support of $ 1550 and continued its decline, unlike bitcoin. The price hit a new weekly low of $ 1521.

Regarding the future of ethereum, artificial intelligence from CoinCodex suggested that by December 31, 2023, the asset will be at $ 2553, which is more than 50% higher than current values. However, the AI noted that now is not the best time to open long positions. CoinCodex also predicted that the main altcoin will grow to $ 3243 in the next six months. And in another 6 months, ETH will reach $ 5000, according to the AI.