With Ethereum’s price still trending below $4,000 and the bears still in control of the cryptocurrency, these are uncertain times. The decline below this key psychological level has undoubtedly caused confusion among investors, and with no clear price increase, the decline seems destined to continue. This was also highlighted by one cryptocurrency analyst, who explained that the Ethereum price is destined to fall further, with a possible crash of more than 20%.
In an analysis shared on the TradingView website, the analyst said: explain It is believed that Ethereum price is likely to fall before recovering again. This happens as prices continue to fall and the market capitulates in anticipation of when the next wave of action will begin.
There will be an initial small upward wave and the price is expected to move back towards $2,400. However, this will only be temporary until the bears intervene again and the sell-off continues. If the uptrend breaks and a decline begins, we can expect selling to accelerate.
Analysts predict that the price of Ethereum will actually crash above $4,100 to $3,000. In this case, that would mean Ethereum price falling more than 25% and breaking through multiple support levels before finally finding footing at $3,000.
Nevertheless, $3,000 remains the rebound point where Ethereum price is expected to rise again. When this happens, crypto analysts realize that the cryptocurrency is actually heading towards an all-time high.
Targets to recognize
Analysts expect that following the rebound from the $3,000 level, the first target for Ethereum price will be a return to the $4,000 resistance. For investors looking to make a profit, this is the first concern.
Next up is the $4,500 resistance level, which has been a major pain point in the past. Once the price moves above this level, we recommend more profit taking, especially as we expect the bears to start making bigger plays looking for more impact.
Finally, the main target lies at the $5,500 level. This swing target means that the Ethereum price has hit a new all-time high, which means now is actually a good time to start selling. If this level recovers, analysts expect another bear market to begin.
Featured image from Dall.E, chart from Tradingview.com
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