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A crypto analyst has predicted that the Ethereum price could adapt to another 13% crash to new lows. Currently, Cryptocurrency is floating near the decisive resistance of $ 2,200, where a rejection can drive further volatility and trigger a significant decline.
Ethereum price for $ 1,700 crash
In a new technical analysis Published By Madwhale, a TradingView Crypto -Expert, the Ethereum Award is projected to experience a Serious price divisiondecreases by 13% to reach $ 1,700. The analyst attributes this Baisseish vision on Cryptocurrency Latest price measures And diagram patterns.
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Madwhale shared an Ethereum price diagram showing that Cryptocurrency is moving within a Falling channel. This channel is generally a baisse -like diagram pattern that is formed when two downward inclined trend lines connect to lower altitudes and lower lows. It usually indicates one Main trendWhere sellers dominate the market rather than buyers.
Currently, Ethereum is rapidly approaching a Main resistance area to $ 2,200, located around the upper limit of the falling channel pattern and marked by the red shaded area on the chart. Historically, when its price reaches this area, it often encounters a significant sales pressure leading to a sharp downward price reversal.
Madwhale’s analysis suggests that Cryptocurrency may fail to break this critical resistance area and trigger his predicted decline to $ 1,700. This goal is in line with one strong support area Where Cryptocurrency has previously found purchase interest.
In particular, Ethereum volume Analysis also indicates fluctuating market participation, without strong signs of hausse -like drivers or strong speed. If the volume remains low and Sales pressure is increasingEthereum is likely to experience further price declines.
Analysts predict three important goals for Ethereum
Despite the ongoing sales pressure and decline in the Ethereum priceCrypto Analyst Patron on X (formerly Twitter) remains optimistic about Cryptocurrency’s prospects. The market expert has assumed Three Haussearted goals for the Ethereum Prize and believe that it is only a matter of time before its current decline disappears.
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The analyst noted that Ethereum had reached a key support level, where a bounce from this threshold could trigger a wave To his estimated target characterized by yellow lines on his price chart. With Ethereum Price trading to $ 1,989 from writing, the analyst predicts that it can reach a first target of $ 2,296, which corresponds to an increase of 15.44%.
Following this increase, protectors predicted that Ethereum would regain previous heights and rally to $ 2,913, which marked a profit of 46.46%. For his final goal, he projects an increase to $ 4,000, which reflects a 101% jump to a new ATH. Analysts claim that if Ethereum can achieve these haus -like goals, it can give a significant 100% profit for investors.
Image from Unsplash, chart from tradingview.com
