Can Ethereum crash 40% from current levels? What experts are suggesting

economictimes.indiatimes.com:

Ethereum prices have been hit hard by the ongoing volatility in the crypto market. The second-largest cryptocurrency was last seen trading at $2,700 levels after hitting a low of $2,585 earlier today. It has lost about 5 per cent in the last one week. Regulatory action, geopolitical worries and inflationary concerns have kept the crypto market under pressure lately. Sharat Chandra, VP- Research & Strategy, EarthID, who anticipates a further fall in prices, expects Ethereum prices to move further south.

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On technical charts, Ethereum is currently trading at around $2,700 after the brief fall and subsequent recovery, said Edul Patel, CEO and Co-founder, Mudrex. «It has multiple strong support levels at $2,200 and $1,850. There are very slim chances of ETH dropping below $1800 in the near future. However, if that happens, it will be a great buying opportunity,» Patel said. Melbin Thomas, Co-Founder, SahiCoin said Ethereum retested its $3,000 range midpoint but failed to break it. A solid reaction to resistance is bearish, hinting that the market has more blood to shed, he said. The following support on the weekly chart is around $2,000 area and on the daily at $1,700 suggesting a fall to $1,700 is possible, he added. The weakness that was seen in the crypto market over the weekend, lasted briefly. Lack of large trading volumes makes it easy to bring the market lower with a few large orders, believe market experts. Uncertainty, according to Thomas, is a one-word answer to why the crypto market has been showing weakness lately. Market