Ethereum Could See A 15% Drop This Week – A Retreat To The $1,000 Support?
October 10 2022 - 5:02AM
NEWSBTC
Ethereum is having a good week, staying in the green zone of the
crypto space for the past seven days and raising its price by 3.7%.
Ethereum is currently caught in an inverted pennant pattern A
resumption of the bearish trend is highly possible for the altcoin
$1,130 might be new support marker for Ethereum The second largest
cryptocurrency by market capitalization is currently trading at
$1,324 according to Coingfecko at the time of this writing while
its 24-hour trading volume stands at a little over $5 billion. But
the widely recognized king of all altcoins and its investors should
consider staying on their toes as analysts believe that the asset
is headed for a significant price correction and bearish momentum.
This development once again contradicts bullish expectations for
the crypto after successfully undergoing network upgrade last
month. Related Reading: How This Crypto Pulled Off A Surprise 60%
Rally In This Area – Find Out Here Ethereum And Its Bearish Price
Pattern The inverted pennant pattern is where the Ethereum price
has been revolving for the past days, with the crypto in danger of
being out into an accelerated bearish momentum. Source: TradingView
Under this pattern, a triangle formation appears where the price
peaks before breaking the bottom support trendline and resumes its
prior downtrend. In Ethereum’s case, such a scenario would mean
breaking the $1,250 support level all the way to $1,130. If that
happens, the altcoin could be looking at a price drop of up to
14.3%. However, there is a possibility that the reverse would
happen and Ethereum will shatter the support overhead trendline
which will prevent the looming bearish run of Bitcoin’s nemesis.
Related Reading: Ethereum Price Looking At Possible Downward Shift
– More Headaches Ahead For ETH? Bad Time To Buy Ethereum? The
negative news just keeps coming for Ethereum as crypto tracking
tool Coincodex concluded it is not a good time to invest in the
altcoin right now. Come October 16, the digital asset is expected
to lose 7.12% of its value and trade at $1,237.79. Technical
indicators are also looking bad for the crypto, as its current
sentiment is bearish and volatility remains high. As for its Fear
and Greed Index, Ethereum gained a score of 22, which indicates
there is extreme fear. Also, out of 30 days, the cryptocurrency
only managed to have 12 green days, equivalent to 40%. Meanwhile,
next year appears to be more promising for the altcoin king, as it
is projected to end the year with a trading price of $2,156.26
which is significantly higher than its current value. On that
account, experts are saying that 2023 is a good year to buy the
asset. ETH total market cap at $160.36 | Featured image from Local
News Today, Chart: TradingView.com
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