Ethereum is still under significant baissed pressure, with the possibility that the downward trend can continue in the coming days or weeks when the market is struggling to recover. After falling sharply in recent days, ETH may have finally reached the crucial moment that can trigger a significant upward force.
A strong rally to new heights in the horizon for Ethereum?
Under negative market conditions, Ethereum, the second largest crypto supply, tends to decrease together with other large digital assets such as Bitcoin and Soana. ETH’s price has now dropped below $ 2,000 again, which raises the uncertainty about a short -term division and reversal.
But experienced market expert and investors traditional tardigrade points to A raised development on ETH’s chart that can lay the foundation for a rebound and a rally. His prediction suggests that ETH is ready for a significant recovery When Altcoin enters a crucial oversold zone.
With Ethereum trends in an over -sold zone, this means that sales pressure may have reached fatigue, which can pave the way to buy pressure. When purchased pressure has returned, a new wave of optimism will be introduced on the market, which increases the likelihood of another rally.
According to the analyst, Ethereum has entered the over-sold zone on the stocastic indicator for a 3-year period. In addition to determining over -purchased and monitored conditions, the key indicator is also used to measure trend turns and divergences.
Given the development, Trader Tardigrade believes that Altcoin may have reached the bottom of the current level. Historically, ETH has seen a remarkable growth from the bottom, seen in the monthly chart. The diagram shows a similar trend in 2019 and 2022, where each cycle stimulated a strong rally.
These previous scenarios provide more confirmation of traders tardy expectations. If it reflects previous trends, the analyst requires a movement against new holidays, mainly focused on the $ 11,500 brand. Many crypto experts have predicted it ETH’s road to the milestone of $ 10,000 and thereafter is programmed and natural.
ET’s upward speed in this important area
Ethereum witnesses another day with a baisse -like movement when the price loses the support level of $ 1,900. To delve into ETH’s current price action has Ali Martinez, a crypto expert and trader, assumed The next possible movement for altcoin using the market value to realize value (MVRV) pricing bands.
After reviewing MVRV Extreme Deviation Pricing Bands Metric, Ali Marinez emphasized that ETH is testing important support levels that are crucial for the next move. If Realized price Of $ 2,060 fails to hold, Martinez found that the next significant support is located at $ 1,440, indicating a potential deeper decline in ETH’s price.
At the time of writing, Ethereum traded to $ 1,892 and showed a decrease of 0.30% over the past 24 hours. With ETH that falls below $ 1,900 mark, Baisse has risen around the asset, as evidenced by more than 37% reduction in their daily trade volume.
Image from Unsplash, chart from tradingview.com
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