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**Here’s Next Major Ethereum Support to Watch**
Ethereum has been facing a tough time lately, with its price plummeting by over 20% in the past few days. However, some market participants believe that the current downturn may be a buying opportunity for investors who are looking to get into the cryptocurrency at a discount.
According to data from CryptoQuant, Ethereum’s price has hit a crucial level of $1,200, which could trigger significant buying pressure. The platform noted that this level is likely to act as a support zone and warned that the coin could rediscover strong buying interest if it breaks above this level.
Additionally, CryptoQuant highlighted the importance of whale intervention in stabilizing Ethereum’s price. As the cryptocurrency drops further, whales holding over 100,000 ETH will likely defend the asset from crashing by acquiring more coins and holding them (HODLing). This could lead to a significant increase in demand for the coin, which would drive its value back up.
While some bearish predictions have been made about Ethereum’s potential price drop to $1,000, it appears that the cryptocurrency has enough support to avoid such a drastic decline.
Source: https://u.today/heres-next-major-ethereum-support-to-watch
