Ethereum price could fall to $1,700 if the current climate prevails
Traders warn that ETH’s price could fall to $1,700, triggering a “turbo nuke” in altcoins and altering the market structure of a struggling bull market. Bitcoin’s (BTC) and Ether’s (ETH) prices are still being hard hit by the current wave of volatility, which is leading traders to go back to the drawing board and readjust their short-term expectations. On Feb.17, Bitcoin’s price briefly dipped below $40,000, and Ether failed to hold support at $2,900, which increases the chance of a drop to $2,500.
Data from Cointelegraph Markets Pro and TradingView shows that after hovering near the $2,900 support level through the morning trading hours, Ether was hit with a wave of selling that dropped it to an intraday low of $2,752.
Here’s a look at what analysts are saying about Ether’s price drop and whether or not more downside is expected as global tensions continue to rise.
Ether’s next stop could be $1,700
A general overview of the current outlook for Ether was provided by crypto trader and pseudonymous Twitter user Crypto Tony, who posted the following chart, discussing the areas of support and resistance to keep an eye on.
Crypto Tony said: “$3,900 remains the most pivotal area for me and if we flip that, well I believe the low is in... Reject from it or fail to even reach it and we head to my main target of $1,700.”
Price is at a “super trend” resistance level
A more bullish take on Friday’s price action was offered by market analyst and Twitter user Cryptowoldjosh, who posted the following chart indicating that Ether is now at a significant resistance zone.
According to the analyst: “Ether right at the supertrend resistance. Since it’s flat it usually has a higher chance of breaking upwards and flipping bullish. If it does flip bullish I think $2,900 to $3,000 would be next.”
The macro trend projects further downside
Insight into what could happen to Ether and the wider altcoin market, should it fail to hold this current level, was offered by trader and pseudonymous Twitter user Pentoshi.
Pentoshi said: “I will take note that there is local strength here since it held its lows but overall still lower highs. Trend is down. *IF* those lows break *THEN* *MOST* altcoins turbo nuke.”
The overall cryptocurrency market capitalization now stands at $1.899 trillion, and Bitcoin’s dominance rate is 41.4%.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 71.6% | 54 | $27 633.20 | -0.02% | 2.44% | $534 060 036 937 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 75.6% | 39 | $1 749.35 | -0.49% | -0.84% | $214 074 957 233 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $1.001019 | -0.11% | -0.16% | $78 566 092 119 |  |
|
| 4 |  BNB |
Binance Coin predictions | 75.6% | 51 | $323.33 | -0.83% | -3.57% | $51 051 275 960 |  |
|
| 5 |  USDC |
USD Coin predictions | 92.4% | 2 | $0.999720 | 0.07% | -0.02% | $34 404 469 197 |  |
|
| 6 |  XRP |
XRP predictions | 86% | 21 | $0.425604 | -5.31% | 12.54% | $21 684 894 622 |  |
|
| 7 |  HEX |
HEX predictions | 59.2% | 82 | $0.097262 | -21.83% | 8.78% | $16 866 375 361 |  |
|
| 8 |  ADA |
Cardano predictions | 74.8% | 43 | $0.360665 | -3.32% | 4.16% | $12 522 887 479 |  |
|
| 9 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 70.8% | 51 | $0.074732 | -3.91% | -1.34% | $9 914 772 100 |  |
|
| 11 |  MATIC |
Polygon predictions | 77.6% | 48 | $1.11 | -1.86% | -9.15% | $9 659 567 617 |  |
|
| 12 |  SOL |
Solana predictions | 75.2% | 52 | $21.59 | -1.00% | 4.01% | $8 284 331 535 |  |
|
| 13 |  BUSD |
Binance USD predictions | 96% | 1 | $0.993449 | -0.65% | -0.74% | $8 011 194 439 |  |
|
| 14 |  DOT |
Polkadot predictions | 73.6% | 49 | $6.13 | -1.26% | -6.49% | $7 164 137 045 |  |
|
| 15 |  LTC |
Litecoin predictions | 72% | 58 | $90.76 | -0.41% | 6.89% | $6 584 394 664 |  |
