Ethereumthe second largest digital asset lags behind other major crypto assets, raising that question Short-term outlook. These coins hit an all-time high in the ongoing cycle, but ETH has fallen into a downtrend after reconsidering the $4,000 level. Crypto analysts consider current action one of the worst since assets entered the market.
The worst Ethereum charts of years appear
Market bearishness has been heavily reflected in Ethereum price action over the past few weeks. Veteran Crypto Analyst and Trader Mug It was revealed That ETH is at a pivotal moment as it tackles serious negative performance.
Drilling into ETH’s actions in the ongoing bull market cycle, Mags highlighted that Altcoin has “one of the worst charts of all time.” His prognosis means that this current bull cycle may be less productive for assets since its inception, and traders are unsure about the possibility of this cycle.
Looking at the charts, it appears that Ethereum has made multiple A bullish attempt Over the past year, it has been shortened by strong resistance. Mags said that price attempts have been made three times throughout the cycle but failed to exceed the $4,000 range.
The failed attempts led to a deeper setback, as seen on the charts. In the final rejection, in addition to trading below upward trendline support from the cycle bottom, prices were much lower than midrange.
As a result, market experts have identified two potential paths for this. Price Track In the short term. One path suggests a much larger bearish movement, while the other suggests an important inverse trend, allowing important levels of resistance to be regained and new momentum can be triggered.
In the first scenario, Mags points out that ETH is heading towards its shortcomings without much support. Therefore, he believes that Altcoin is at risk. Deeper decline Low range of $1,060. In the second scenario, Mags claims that after ETH regains its $2,500 level, it could move to the $4,000 mark to make another bullish breakout attempt.
However, from a more technical perspective, experts Bearish scenario It is more likely to predict an extension of an ongoing descent. Meanwhile, for ETH to become bullish again, it will need to at least revisit the upward trendline of the chart.
ETH breakout opportunities appear
The ETH eye is further reduced, but important developments suggest a growing momentum of the surge. Tech expert Jonathan Carter has Spots Descending channel formation of Ethereum charts over a 2-hour time frame.
Historically, the descending channel pattern has served as an upward precursor. As price trading takes place within the pattern and approaches the trend line of upper resistance, ETH There may be differences in benefits.
When a breakout from the trendline of resistance occurs, Carter predicts pushes to multiple targets, including $1,962, $2,143, $2,320, and $2,530. This reversal of the trend is expected to be strengthened by volume increase during breakout attempts.
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