Analyst Predicts Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target

Ronaldo Marquez

11 months ago

3 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Amid the ongoing bloodbath in the cryptocurrency market, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has not been spared. Over the past week, ETH has experienced a significant 9% price decline, bringing it down to the $3,130 level.

As market participants closely monitor the situation, the focus now lies on crucial levels that must be held back to prevent a deeper retrace that could lead to substantial losses and heightened liquidation rates not witnessed in months.

Make-Or-Break Moment For Ethereum Price

Crypto analyst “Inspo Crypto” has drawn attention that Ethereum’s price has retraced to levels last seen at the beginning of May.

According to the analyst, the upcoming 8-hour trading period, represented by a 1-day candle, will be a critical juncture to determine whether the bulls have capitulated or can muster a comeback.

A retracement above the abovementioned level could be considered a deviation from the bearish trend. However, if Ethereum fails to retest the lower trend channel at $3,170, it could pave the way for a further decline towards $2,700, consequently impacting altcoins and leading to significant losses across the market.

Upward Trajectory To $5,000 if Price Holds At $3,170

The analyst further asserts that, in his opinion, Ethereum has been operating within a new trend channel since October 2013. Hence, if ETH manages to hold its price within the range of $3,170 without breaking down, it would confirm an upward trajectory towards $5,000. It is important to note that this timeframe extends until the end of the year.

Additionally, it should be considered that Ethereum is still operating within a long-term trend channel.

If the described scenario unfolds, it would also confirm the long-term trend channel, indicating that ETH was trapped in a bearish phase between August 2023 and February 2024 and is now embarking towards $8,000 over the coming months.

However, it is crucial to acknowledge that this analysis does not account for external factors such as monetary policy decisions or geopolitical conflicts.

Nevertheless, if Ethereum manages to hold the $3,170 level and begins an upward ascent, the possibility of an altcoin season becomes increasingly feasible, as suggested by the analyst.

Ultimately, ETH’s next moves will affect its trajectory and impact the broader crypto landscape, particularly the altcoin market, which has also seen significant losses in recent days.

ETH trades at $3,130 at the time of writing, reflecting a 5% decline in the past 24 hours. As a result, it becomes crucial that the token closes above the aforementioned critical level of $3,170 in the coming hours to prevent potential additional losses, as emphasized by the analyst.

Featured image from DALL-E, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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.