Ethereum, the backbone of crypto bull market from 2020-2021, has undertaken a serious plummet from its peak starting October 2021. The downtrend precipitated from December and continued to the middle of January this year, the price made a bottomed at $2300 and started to recovered to some extent, even able breaking above $3000.
Over the past 4-6 weeks Ethereum price has gone through some ups and downs, following the pace of the real world political & economic events. From the weekly chart standpoints, the price has consolidated between the range $2300-3000, form a triangle that most likely constitutes a continuation pattern in a bear market, signifying more downside to come.
It's worth mentioning that in the chart the recent price bounce even failed to reach the downtrend line. It means the price strength has become much weaker than last month.
That said, the most logic move for Ethereum is to continue falling. Besides, I don't see there are any positive factors in the near future that support a bottoming around $2500. Ukraine is a mess. Inflation is out of control which reduces the buying power of people's savings. Blockchain technology doesn't make new breakthroughs, with existing theme including defi, gamefi, NFT losing appeals.
I predict the price of Ethereum will break down key technical and psychological level of $2000 in the coming 2-3 months.
Over the past 4-6 weeks Ethereum price has gone through some ups and downs, following the pace of the real world political & economic events. From the weekly chart standpoints, the price has consolidated between the range $2300-3000, form a triangle that most likely constitutes a continuation pattern in a bear market, signifying more downside to come.
It's worth mentioning that in the chart the recent price bounce even failed to reach the downtrend line. It means the price strength has become much weaker than last month.
That said, the most logic move for Ethereum is to continue falling. Besides, I don't see there are any positive factors in the near future that support a bottoming around $2500. Ukraine is a mess. Inflation is out of control which reduces the buying power of people's savings. Blockchain technology doesn't make new breakthroughs, with existing theme including defi, gamefi, NFT losing appeals.
I predict the price of Ethereum will break down key technical and psychological level of $2000 in the coming 2-3 months.