Ethereum Faces a Potential Plunge
One crypto analyst is predicting a rough patch for Ethereum. They believe the price could fall by 13%, dropping to around $1,700. This prediction is based on the current price action and chart patterns. Right now, Ethereum is near a major resistance level of $2,200. If it can’t break through this resistance, a significant price drop is likely.
The Bearish Case: A Descending Channel
The analyst points to a “Descending Channel” pattern on the Ethereum price chart. This pattern, typically bearish, shows lower highs and lower lows, suggesting sellers are in control. The $2,200 resistance sits at the top of this channel. Historically, when Ethereum reaches this level, it faces strong selling pressure, causing a price reversal.
Low Volume Adds to Concerns
The analyst also notes low trading volume, which means there isn’t much buying pressure to counteract potential selling. If selling pressure increases without a rise in volume, the price is likely to fall further.
A Bullish Counterpoint: Three Potential Targets
However, not everyone is bearish. Another analyst has a more optimistic outlook, predicting three potential price targets for Ethereum:
- Target 1: $2,296: A 15% increase from the current price.
- Target 2: $2,913: A 46% increase.
- Target 3: $4,000: A massive 101% increase, reaching a new all-time high.
This analyst believes that if Ethereum can break through its current support level, these targets are achievable. They highlight the potential for significant profits if their predictions are correct.
