Ethereum Price Prediction: Will ETH Drop to $1,200 ?

Ethereum (ETH) has been having a tough time lately as the market takes another hit. For the third time in a week, its price dipped below the $2,600 mark, leaving crypto analysts closely monitoring what might happen next.

Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert

ETH’s Key Support Zone To Watch Out

The crypto market has experienced several pullbacks throughout this cycle, with Ethereum taking a notable hit since the start of Q3. Since July 1, the “king of altcoins” has dropped by 24% from its previous support level of $3,400.

After plunging below $2,100 during the ‘Black Monday’ crash, ETH has been fluctuating between $2,300 and $2,700. Despite recovering about 18% of its value, it’s still struggling to reclaim the $2,600 level.

Recent market shakeouts have tested the strength of the $2,500 support zone three times in the past two weeks, making experts cautious about Ethereum’s next move.

Renowned crypto analyst Ali Martinez advises investors to keep an eye on a crucial support range, noting that if ETH continues to decline, the $2,300 to $2,380 range could be pivotal.

According to the In/Out of the Money Around Price (IOMAP) chart shared by Martinez, around 1.62 million addresses purchased over 50 million ETH in this zone, establishing it as a key support level for Ethereum’s price. If ETH fails to hold at this level, it could slip further to $2,200—or even lower, reaching prices not seen since February.

Will Ethereum Drop To $1,200 This Year?

Other experts have warned that Ethereum could face even steeper declines, with some suggesting that “even giants will fall.” Top analyst Benjamin Cowen has pointed out that the “collapse of ETH/BTC” is nearly complete.

A year ago, Cowen predicted that the collapse of this trading pair would “mark the end of the altcoin reckoning,” referring to the devaluation of altcoins in comparison to Bitcoin. He noted that ETH/BTC was the “last one to rise during the bull market, and it could be the last to fall in the bear market.” According to him, this trading pair might take another four months to recover, possibly rebounding next year.

Cowen also speculated that Ethereum’s price could drop to around $1,200 by December if it follows a pattern similar to the last two market cycles.

On a more optimistic note, crypto investor Ted Pillows encouraged investors to stay strong through these turbulent times, suggesting that a $10,000 Ethereum is still within reach. He believes the “King of altcoins” is far from dead, citing various factors to support his view. Ted pointed out that inflows into spot Ethereum exchange-traded funds (ETFs) have been increasing, while outflows from Grayscale have gradually decreased. Additionally, Jump Trading has only about $60 million worth of ETH left to sell, which he sees as a positive sign for the cryptocurrency’s future.

Moreover, Ted Pillows emphasized that ETH is “strongly holding its support level,” which he considers the most crucial factor. He predicts that a consolidation breakout is likely between November and December, setting the stage for a “parabolic run” in Q1 2025.