Ethereum’s price is acting a bit strangely, and experts have differing opinions on what’s next.
The Ascending Triangle
Crypto analyst Trend Diva sees Ethereum (ETH) trapped in an ascending triangle. Think of it as a price range with a sloping bottom and a flat top. The bottom acts as support (a price floor), while the top is resistance (a price ceiling). This is happening even after ETH recently dipped below $2,000.
Diva noticed a “head and shoulders” pattern, a classic sign a price trend might reverse. This led to a significant drop, but the price bounced back to a key support level around $2,000. This area is important because it lines up with a major trendline and shows high trading activity.
Will ETH Bounce Back or Break Down?
If ETH stays above $2,000, Diva thinks it could climb back towards $2,800 (a previous resistance level). However, if it breaks below the trendline, things get bearish, and a drop to $1,414 is possible. The $2,000 mark is crucial.
It’s worth noting that ETH briefly fell below $2,000 during a recent market crash, increasing the chances of a drop to $1,414.
A Deeper Dive: Could ETH Hit $1,250?
Analyst Ali Martinez has a slightly more pessimistic outlook. He sees ETH breaking out of a different price pattern (a parallel channel) and predicts a potential drop to $1,250 if the downward momentum continues.
But there’s a twist! Big ETH investors (“whales”) are buying up a ton of ETH – around 330,000 in just 48 hours. This could prevent a further price drop and even trigger a bullish reversal.
The Current Situation
At the moment, ETH is trading around $2,065, down about 5% in the last 24 hours. The next few days will be crucial in determining whether it can hold the $2,000 support or break down further.
