Bitcoin (BTC) and Ether (ETH) price are still being hard hit by the current wave of volatility and this is leading traders to go back to the drawing board and readjust their short-term expectations. On Feb.17, Bitcoin price briefly dipped below $40,000 and Ether failed to hold support at $2,900, raises 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.

ETH/USDT 1-day chart. Source: TradingView

Here’s a look at what analysts are saying about the price drop for Ether and whether or not more downside is expected as global tensions continue to rise.

Ethereum’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.

ETH/USD 1-day chart. Source: Twitter

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 pseudonymous Twitter user ‘IncomeSharks’, who posted the following chart indicating that Ether is now at a significant resistance zone.

ETH/USD 4-hour chart. Source: Twitter

According to the…

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