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Ethereum’s Short-Term Bearish Outlook: Technical Indicators Point to Potential Plunge
Ethereum, the second-largest cryptocurrency in terms of market capitalization, has experienced a 4% decline over the past 24 hours, ending up at $2,622. Investors and analysts are worried about a potential bearish thesis for the altcoin due to this significant drop.
Analyst Peter Brandt has made his predictions accurate, warning that the price could plummet to $1,652 based on two key technical patterns: the five-month rectangle pattern and the rising wedge pattern. The crypto community is abuzz with speculation about the long-term viability of Ethereum’s current price, as evidenced by Brandt’ rambling analysis.
A more detailed examination of technical data indicates a bearish outlook, with the Chaikin Money Flow (CMF) falling to -0.09 and Bollinger bands widening, all of which point to an indication that the market is experiencing further volatility.
There is also a threat that the critical support level at $2,611 will likely be breached and dropped to $2.21 (the 1.618 Fibonacci level), adding to the already high number of addresses currently considered “At the Money” between $26,614 and $2,000. The concentration of selling pressure could cause further decline if these addresses decide to liquidate their holdings.
The price of $2,622 is currently on the verge of crossing the critical support level, leaving many investors on high alert. If this level is not regained, it could signify a prolonged bearish trend for Ethereum. Additionally, the Open Interest (OI) data suggests regressing enthusiasm, with 3% falling to $10 billion at the beginning of the month.
The Long/Short Ratio, which stands at 0.90, indicates sour traders and 4% decline in the past 24 hours has brought Ethereum’s price down to its lowest level in recent weeks. While stocks and investors reflect on their investment strategies, the question remains: what will fate turn next for the altcoin? Will it bounce back from its recent losses and potentially hit new highs, or will it fall further due to technical indicators showing bearishness?
In the realm of crypto currencies, there’s no denying that Ethereum’ future direction will be in the hands of both investors and analysts. Technical indicators are indicating a bearish trend, and investors should be cautious in the short term. Ethereum’s price action in the near future will be closely monitored as the market continues to transform, according to everyone.
For more insights and analysis on Ethereum and other cryptocurrencies, check out our article Ethereum Price Analysis: Experts Predict Future Market Trends.
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