Ethereum Could See a 53% Price Correction If This Happens—Analyst
The post Ethereum Could See a 53% Price Correction If This Happens—Analyst appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. Ethereum has been experiencing sluggishness in its price performance recently, as the cryptocurrency continues to closely follow Bitcoin’s movements. Currently trading at $2,392, Ethereum is down 1.5% in the past 24 hours, adding to its gradual decline in recent days. This drop follows a brief price surge last week, where Ethereum saw a slight surge to above $2,600. Despite the minor increase, Ethereum remains down by 51% from its all-time high of $4,878, recorded in 2021. Related Reading Ethereum Potential To Fall 53% The sideways movement in Ethereum’s price has left traders cautious. Amid this, renowned crypto analyst Ali has offered his perspective on Ethereum’s current trajectory in a recent post on X. Ali pointed out that Ethereum’s price action tends to follow a particular pattern based on TD Sequential indicators. He explained that whenever Ethereum breaks above the TD setup resistance trendline, a strong bull run often ensues. Ethereum price chart. | Source: Ali on X However, when Ethereum dips below the TD setup support trendline, it typically results in a significant price correction. According to Ali, Ethereum is nearing a critical support level of $2,250, warning that if this support is breached, it could trigger a major price drop. Ali further emphasized that ETH has previously seen an average of 53% corrections following similar breakdowns, suggesting that losing the $2,250 level could spell trouble for the cryptocurrency. Each time #Ethereum breaks above the TD setup resistance trendline 🔴, a strong bull run follows. But when $ETH breaks below the TD setup support trendline 🟢, we’ve seen an average 53% correction. The key support now is $2,250—losing it could trigger a significant price drop. pic.twitter.com/PljkRda78S — Ali (@ali_charts) October 10, 2024 On The Flip Side While Ali expresses concern over Ethereum’s potential…
Filed under: News - @ October 10, 2024 10:25 pm