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Bulls haven’t stepped in since the price of cryptocurrencies crashed by 10% across the board on Wednesday. Ethereum, as of the time of writing this article, is trading at $256 — just over 11% below the high of $288 seen just last week.

While the drop sustained on Wednesday was already brutal in and of itself, analysts are warning that a deeper crash could be seen if ETH manages to close a short-term candle a key level: $248 to $250 — a region which Ethereum has bounced off over the past 24 hours or so.

Ethereum is on Edge of Cliff

Popular cryptocurrency trader Cactus on Thursday pointed out that right now, Ethereum is on the verge of falling off a cliff.

Backing his point, he posted the below message, in which he noted that bulls “need to hold $248 to $250,” showing on the attached chart that Ethereum investors holding this level has been key for the bullish narrative over the past week.

Cactus remarked that if ETH manages to see a “valid close” of a four-hour candle under this level, there will be a “fast and swift [sic] move to the downside, [with the next support] being at $220.”

That would mark a nearly 15% drop from $250 should it take place and an over 15% drop from current levels.

There are some signs indicating the price of the top altcoin will hold this level though.

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