According to a new one post At X by crypto analyst Ali Martinez, Ethereum (ETH) may be on its way to $ 1,250 as it risks breaking down from a parallel channel. Other analysts, however, suggest that a trend use may be on the horizon for the second largest cryptocurrency by market value.
Is Ethereum on the way lower?
Ethereum has been stuck in a persistent downward trend over the past three months and lost more than 50% of its market value. The digital asset has dropped from $ 4,061 on December 16 to just over $ 1,900 at the time of writing, marking a steep 50% decline.
Digital asset analyst Martinez warns that there may be further disadvantage for ETH, especially after it dropped below $ 2,200 on the daily chart and breaks down from a parallel channel. Martinez explained that this division could push ETH’s price as low as $ 1,250.
Fellow crypto analyst Daan Crypto Trade offered a more cautious optimistic perspective. The analysts emphasized that ETH has consolidated after the recent crypto market and has formed a falling wedge pattern on the Timdiagramm-A pattern that is often associated with a potential local trend change. The Added:
But for it to happen, I would like to see the outbreak and hold over the white zone. If it can do that, we can start looking for tests in the $ 2K region+ again.
Daan also pointed to decrement ETH/BITCOIN (BTC) Trading Pair. Although there has been some strength in recent days, the analyst noted that this is not enough to signal a relief rally. Data From Coytecko reveals that ETH has dropped almost 60% against BTC in the past year.
Experts offer hope for eth
Crypto dealer Merlijn trader Drew Parallels between ETH’s current price measure and its behavior in 2019-2020, which indicates that ETH may be on the verge of regaining hausseartat momentum. But he emphasized that ETH must first clear the key resistance to $ 2,260.
Similarly, crypto analysts Ted brought out the similarities between Ethereum and BTC’s price action from 2019. In an X post, he mentioned:
What happens if $ 4K ETH is like $ 14K BTC 2019? What happens if Ethereum Major Rally has not even started? When you look at BTC 2019-21 Fractal, it makes me wonder if ETH’s former rally was just the beginning.
However, Ted also warned that ETH would first dip to the range $ 1,400-$ 1,600 before any significant trend use begins. His analysis is in line with a new Report Predict that ETH could arrange a speedy recovery to $ 3,000, driven by a potential card press.
On a more positive note, ETH may approach a strong recovery phase after incoming A crucial monitoring of zone. At press time, ETH is traded at $ 1,933, an increase of 5.2% over the past 24 hours.
Featured image from unsplash.com, charts from X and tradingview.com
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