According to the recent post With X by Crypto analyst Ali Martinez, Ethereum (ETH) could be heading towards $1,250 due to the risk of breaking from parallel channels. However, other analysts suggest that a reversal of the second-largest cryptocurrency trend by market capitalization could be on the horizon.
Are Ethereum headlines low?
Ethereum has been stuck in a sustained downtrend for the past three months, flowing over 50% of its market value. Digital assets are just above $1,900 at the time of writing, from $4,061 on December 16th, indicating a sharp 50% decline.
Digital assets analyst Martinez warns that there may be even more downsides for ETH, especially after breaking from parallel channels and falling below $2,200 on daily charts. Martinez explained that the breakdown could explain the ETH price as low as $1,250.
fellow crypto analyst Darn Crypto Trade offered a more careful and optimistic perspective. Analysts highlighted that ETH had been consolidated after the recent sale of the Crypto market, forming a falling wedge pattern on the hourly chart. They are Added:
But for that, I want to look at the breakout and hold it above the white zone. If you can do that, you can start looking for $2K+ regional tests again.
Dern also pointed out Reduction ETH/Bitcoin (BTC) trading pair. Although it has shown some strengths over the past few days, analysts have noted that this is not enough to inform the relief rally. data Coingecko reveals that ETH fell nearly 60% against BTC last year.
Experts offer ETH their wishes
Crypto Trader Merlijn The Trader Drew The similarities between ETH’s current price action and its 2019-2020 actions suggest that ETH may be on the verge of regaining bullish momentum. However, he emphasized that ETH must first clear the important resistance at $2,260.
Similarly, Crypto analyst Ted has revealed similarities between Ethereum and BTC price action since 2019. I said:
What if $4K ETH is like 14K BTC in 2019? What happens if the Ethereum Major Rally has not started? Looking at BTC 2019-21 Fractal, I think ETH’s previous meetings are just the beginning.
However, TED also warned that ETH could initially immerse in the $1,400-1,600 range before the key trend inversion began. His analysis is consistent with recent ones Report It is driven by a potential short aperture when ETH predicts that it could stage a quick recovery to $3,000.
On a more positive note, ETH may be approaching a strong recovery phase enter Important sales zone. At the time of pressing, ETH is trading at $1,933, an increase of 5.2% over the past 24 hours.
Unsplash.com featured images, X and tradingView.com charts
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