Saturday, February 4, 2023
    HomeEthereumTop analyst says ETH price could drop to $2,600

    Top analyst says ETH price could drop to $2,600


    Right here’s a high analyst’s Ethereum worth outlook after ETH dropped beneath $3,000

    Ethereum has declined beneath $2,900 after bulls gave up the $3,000 assist stage over the weekend. The drawdown within the worth of Ether (ETH) comes as the highest cryptocurrency Bitcoin (BTC) additionally faces large sell-off stress after dropping beneath $40,000.

    At present, Ethereum is buying and selling close to $$2,860 with 24-hour losses of about 2.8%. Bitcoin, alternatively, has slipped to lows of $38,800 and is roughly 2% within the pink.

    Ethereum more likely to retest $2,600

    Whereas he maintains a bullish outlook for high two cryptocurrencies by market cap, high crypto dealer and analyst Rekt Capital sees a possible dip to lows of $2,600 for Ethereum.

    ETH has flipped ~$3050 into new resistance on the weekly timeframe,” the analyst said pointing to a chart exhibiting Ethereum worth has dropped over the previous 4 weeks.

    In consequence, ETH now has a larger likelihood of performing a protracted draw back wick to even as little as $2600 on the month-to-month timeframe,” he famous.

    Chart exhibiting ETH/USD has dropped beneath a important assist stage. Supply: Rekt Capital

    Though the outstanding crypto analyst means that Ethereum might but flip decrease, he thinks bulls might but see $3,000.

    Highlighting Ethereum’s month-to-month chart, Rekt Capital says:

    “ETH unstable retest of ~$3000 (black) might very nicely be in progress. Draw back wick might go right down to as little as the inexperienced Greater Low ($2600). A wick into the HL earlier than finally performing a Month-to-month Candle Shut above ~$3000 (black) can be bullish.”

    Here’s a chart exhibiting the analyst’s tackle what might occur subsequent for ETH/USD.

    Ethereum traded at highs above $3,500 earlier this month. Knowledge from CoinGecko reveals that at present costs, the ETH/USD pair is down almost 11% prior to now two weeks and eight% prior to now 30 days.

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