Ethereum (ETH/USDT) Price Losing the Plot, May Drop Below $1100
Ethereum has been manifesting significant strength in the past few days due to which the price has been trading within the decisive pennant, showcasing both the possibility of rising beyond $1300 as well as plunging below $1100. Despite the dropped volume, the volatility remain pretty high which flashes the possibility of a marginal price jump very soon which may be followed by a giant bearish move.
The crypto markets have been under the bearish captivity from quiet a long time, and after a couple negative events which impacted the crypto assets, most of the altcoins halved. However, ETH/USDT sustained above $1100 and rebound each time it dropped below these levels. However, the price is expected to drop another 5% to test levels below $1130 amid the current bearish trend.
After a brief consolidation, the ETH price is expected to rise slightly and consolidate around $1200 for a while and later surge towards the pivotal resistance at $1240. Bears may attempt to restrict the price below these levels, but after withstanding extreme compression, the ETH price could be compelled to explode. By the end of January 2023, the price may reclaim $1300 levels but may face a rejection just below $1350 price zone.
However, the ETH price in the first few days of February may eventually reach the pinnacle of the symmetric consolidation which is usually bullish provided the crypto is able to gather enough buying volume. In such case, a breakout above $1400 is quiet possible, else a rejection may lead to an extended consolidation between $1250 and $1300 until the bulls step in.
For more detail analysis, dive into the official website of Coinpedia.
The crypto markets have been under the bearish captivity from quiet a long time, and after a couple negative events which impacted the crypto assets, most of the altcoins halved. However, ETH/USDT sustained above $1100 and rebound each time it dropped below these levels. However, the price is expected to drop another 5% to test levels below $1130 amid the current bearish trend.
After a brief consolidation, the ETH price is expected to rise slightly and consolidate around $1200 for a while and later surge towards the pivotal resistance at $1240. Bears may attempt to restrict the price below these levels, but after withstanding extreme compression, the ETH price could be compelled to explode. By the end of January 2023, the price may reclaim $1300 levels but may face a rejection just below $1350 price zone.
However, the ETH price in the first few days of February may eventually reach the pinnacle of the symmetric consolidation which is usually bullish provided the crypto is able to gather enough buying volume. In such case, a breakout above $1400 is quiet possible, else a rejection may lead to an extended consolidation between $1250 and $1300 until the bulls step in.
For more detail analysis, dive into the official website of Coinpedia.