![Pinterest](https://pinterest.com/pin/create/button/?url=https://unocrypto.com/analysts-identify-2300-as-key-support-level-for-ethereum/&media=https://unocrypto.com/wp-content/uploads/2025/02/Analysts-Identify-2300-as-Key-Support-Level-for-Ethereum-After-the-ByBit-Hack-Debacle.png&description="One of the most critical support levels for Ethereum ($ETH) now sits at $2,300," writes Ali Martinex in a X post.){kind=link}
In the wake of Ethereum prices taking an immense fall, crypto analyst Ali Martinez has predicted a new support level for the token. In a X post, Martinex writes, “One of the most critical support levels for Ethereum ($ETH) now sits at $2,300.”
The prediction comes at a time when $ETH has been down over 11% in the last 24hours and over 28% in the past 30-days. Ethereum’s market cap at the press time stands at $288.03 billion, down 11.53%.
Ethereum Prices: What Is Behind The Fall?
Ethereum’s price has taken a deep hit especially after the ByBit hack that saw $1.44 billion getting lost in the hack. Additionally, a mix of market forces and general economic conditions have been causing Ethereum’s price to decline.
Ethereum’s price decline has also been attributed to a decline in demand for risky assets as investor mood has grown more cautious. Concerns regarding Ethereum’s long-term dominance in the market have also been raised by its scalability problems and competition from other smart contract platforms.
Although the switch to a proof-of-stake paradigm in Ethereum 2.0 is viewed as a good thing, the effect on the price of Ethereum has been less immediate than expected.
Also Read: Bybit Restores Ethereum Reserves After $1.4 Billion Hack, CEO Confirms Full Recovery
Can Ethereum See a U-Turn in Price Trajectory?
Numerous factors are influencing Ethereum’s future trajectory, making its short-term price projection questionable at the moment.
Analysts predict that broader market variables, including as regulatory uncertainty, global economic issues, and shifting investor mood, may cause Ethereum’s price to experience additional downward pressure in the near future.
Ethereum may stabilize and perhaps rise if it can hold onto its important support levels, such as the $2,300 mark. However, Ethereum may see more substantial drops if market sentiment deteriorates or important technical support levels are broken.
Positively, Ethereum may eventually acquire traction thanks to impending updates and ongoing acceptance of Ethereum 2.0.
Ethereum Market Parameters: What Do They Say?
The present sentiment for $ETH is bearish, according to market technical indicators, and the Fear & Greed Index is at 25 (Extreme Fear).
Over the past 30 days, Ethereum has experienced 14/30 (47%) green days and 7.95% price volatility. With four technical analysis indicators indicating optimistic signals and twenty-eight indicating bearish indications, the overall sentiment for the price prognosis of Ethereum is pessimistic.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The ETH market is now in a neutral condition, as shown by the RSI reading of 36.95.
Also Read: Ethereum’s $2,600 Ceiling Stays Important for Altcoin Bull Run: Will The Price Hold?