Ethereum Bearish Pressure Can Drag ETH Back Down To $1,000 – Here’s Why
22 Octobre 2022 - 12:35PM
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Ethereum completed its shift from proof-of-work (PoW) to
proof-of-stake (PoS) via the highly anticipated “merge” last
September 15, 2022. But after more than a month from that historic
event, Bitcoin’s closest rival still has nothing to show for as its
price flat-lined as it failed to take off despite the hype that
surrounded the second largest cryptocurrency before the merge.
Ethereum struggles to breach and sustain the $1,300 marker ETH is
caught in a pattern that will extend its bearish momentum A bullish
run is still possible with $1,400 as the immediate target At press
time, according to tracking from Coingecko, Ethereum is trading at
$1,297 and while it managed to increase by 3.6% over the last 30
days, it is still nowhere near the level it was expected to be
after its blockchain’s transition. The coming days could prove to
be more challenging for the digital asset as there’s a possibility
it could experience severe price dump. Related Reading: Flow Rolls
Out Blockchain Tools As Social Dominance, Coin Price Seen Rising
Ethereum Could Be Looking At $1,000 As Support The altcoin’s daily
technical chart shows its price established a symmetrical triangle
pattern which accelerates prevailing trend movement. In Ethereum’s
case, this is not favorable news considering it has been on a
consistent decline over the last few weeks. Source: TradingView
With its current bearish momentum, ETH could end up being in a
steep fall all the way to support range of between $1,200 and
$1,000. The asset’s volatility is also high, but this could work
either way as it presents an opportunity for an upward break in the
trendline that could trigger a price rally up to $1,400. If
Ethereum manages to keep $1,400 as a resistance marker and continue
with a bullish movement, it could prime itself to test the $1,550
levels. The King Of Altcoins Can Still Surge While some sectors in
the crypto space has called the Merge as a dud, Ethereum still has
a lot of fight left in it as there is still chance for it to surge
and be back in conversations of being at par with Bitcoin. In fact,
even if BTC price remains in status quo and consolidates for a
while, ETH’s could start its own rally to surge and invalidate the
previous bearish thesis about its trajectory. If the conditions are
met and Ethereum manages to flip the crucial $1,730 resistance
marker, it will revisit the psychological $2,000 level. If that
happens, the digital asset will be several steps closer to its
all-time high of $4,878 which was attained in November of last
year. ETH total market cap at $159.2 billion on the weekend chart |
Featured image from Forkast, Chart: TradingView.com Disclaimer: The
analysis represents the author's personal views and should not be
construed as investment advice.
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