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A crypto analyst has predicted that the Ethereum price could be gearing up for an additional 13% crash to new lows. Currently, the cryptocurrency is hovering near the crucial $2,200 resistance, where a rejection could fuel further volatility and trigger a significant decline.
Ethereum Price Set For $1,700 Crash
In a recent technical analysis published by MadWhale, a TradingView crypto expert, the Ethereum price is projected to experience a severe price breakdowndeclining by 13% to reach $1,700. The analyst attributes this bearish outlook to the cryptocurrency’s recent price action and chart patterns.
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MadWhale shared an Ethereum price chart showing that the cryptocurrency is moving within a Descending Channel. This channel is generally a bearish chart pattern formed when two downward-sloping trend lines connect at lower highs and lower lows. It usually indicates a major downtrend, in which sellers dominate the market rather than buyers.
Source: MadWhale on Tradingview.com
Presently, the Ethereum price is fast approaching a main resistance area at $2,200, situated around the upper boundary of the Descending Channel pattern and marked by the red shaded area on the chart. Historically, when its price reaches this area, it often encounters significant selling pressure that leads to a sharp downward price reversal.
MadWhale’s analysis suggests that the cryptocurrency may fail to break this critical resistance area, triggering his predicted decline to $1,700. This target aligns with a strong support area where the cryptocurrency has previously found buying interest.
Notably, Ethereum’s volume analysis also indicates fluctuating market participation, with no strong signs of bullish drivers or strong momentum. If volume remains low and selling pressure increases, Ethereum is likely to experience further price declines.
Analyst Predicts Three Key Targets For Ethereum
Despite the ongoing selling pressure and decline in the Ethereum price, crypto analyst Patron on X (formerly Twitter) remains optimistic about the cryptocurrency’s future outlook. The market expert has predicted three bullish targets for the Ethereum price, believing that it is only a matter of time before its present downtrend dissipates.
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The analyst noted that Ethereum had reached a key support level, where a bounce from this threshold could trigger a surge to his projected targets marked by yellow lines on his price chart. With the Ethereum price trading at $1,989 as of writing, the analyst forecasts that it could reach a first target of $2,296, representing a 15.44% increase.
After this surge, Patron predicted that Ethereum would reclaim previous highs and rally to $2,913, marking a 46.46% gain. For his final target, he projects a surge to $4,000, reflecting a 101% jump to a new ATH. Notably, the analyst claims that if Ethereum can reach these bullish targets, it could yield a significant 100% profit for investors.
ETH trading at $1,995 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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