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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Bearish Pressure Can Drag ETH Back Down To $1,000 – Here’s Why

Christian Encila
Christian Encila
2 years ago
3 mins read
Ethereum

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Ethereum completed its shift from proof-of-work (PoW) to proof-of-stake (PoS) via the highly anticipated “merge” last September 15, 2022.

But after more than a month from that historic event, Bitcoin’s closest rival still has nothing to show for as its price flat-lined as it failed to take off despite the hype that surrounded the second largest cryptocurrency before the merge.

  • Ethereum struggles to breach and sustain the $1,300 marker
  • ETH is caught in a pattern that will extend its bearish momentum
  • A bullish run is still possible with $1,400 as the immediate target

At press time, according to tracking from Coingecko, Ethereum is trading at $1,297 and while it managed to increase by 3.6% over the last 30 days, it is still nowhere near the level it was expected to be after its blockchain’s transition.

The coming days could prove to be more challenging for the digital asset as there’s a possibility it could experience severe price dump.

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Ethereum Could Be Looking At $1,000 As Support

The altcoin’s daily technical chart shows its price established a symmetrical triangle pattern which accelerates prevailing trend movement.

In Ethereum’s case, this is not favorable news considering it has been on a consistent decline over the last few weeks.

Source: TradingView

With its current bearish momentum, ETH could end up being in a steep fall all the way to support range of between $1,200 and $1,000.

The asset’s volatility is also high, but this could work either way as it presents an opportunity for an upward break in the trendline that could trigger a price rally up to $1,400.

If Ethereum manages to keep $1,400 as a resistance marker and continue with a bullish movement, it could prime itself to test the $1,550 levels.

The King Of Altcoins Can Still Surge

While some sectors in the crypto space has called the Merge as a dud, Ethereum still has a lot of fight left in it as there is still chance for it to surge and be back in conversations of being at par with Bitcoin.

In fact, even if BTC price remains in status quo and consolidates for a while, ETH’s could start its own rally to surge and invalidate the previous bearish thesis about its trajectory.

If the conditions are met and Ethereum manages to flip the crucial $1,730 resistance marker, it will revisit the psychological $2,000 level.

If that happens, the digital asset will be several steps closer to its all-time high of $4,878 which was attained in November of last year.

ETH total market cap at $159.2 billion on the weekend chart | Featured image from Forkast, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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