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Ethereum faces significant bearish trends but retains long-term bullish potential once the market correction ends. Analyst Alan Santana predicts Ethereum could surpass $10,000 after the current correction stabilizes. According to famous analyst Alan Santana, Ethereum’s future remains unknown, despite its prominence as the second-largest cryptocurrency because it is still classified as an altcoin. In his most recent analysis, Santana expresses concern about Ethereum’s bearish inclinations, highlighting the market’s speculative character and volatility. Although ETH has shown enormous positive potential in the past, its present performance suggests a huge market correction, leaving investors wondering how low the price can fall. 📉Ethereum: Speculation, Open Mind ($1,600 Or $1,000?) While Ethereum is the second biggest Cryptocurrency, it is still an altcoin. Anything can happen within this market. We already know of the bullish potential and capacity for this and other projects to grow.We know these… pic.twitter.com/H02A6YFEvm — Alan Santana (@lamatrades1111) September 4, 2024 Santana Warns of Bearish Indicators and Institutional Pressure on Ethereum  According to Santana, ETH’s current underperformance is especially troubling, given that it has been growing since June 2022, while several other cryptocurrencies only reached their lows in mid to late 2023. The weekly Moving Average Convergence Divergence (MACD) indicates a big bearish divergence that has been developing for more than three years. This is a significant indication, indicating the worst conditions since January 2022, when the previous bear market accelerated. Source: Alan Santana on TradingView To exacerbate these concerns, ETH has breached its initial baseline level, leaving prices with ample room to fall further. According to Santana, the new baseline objective is between $1,750 and $1,550, a crucial level around which Ethereum traded in October 2023 prior to the last upward surge. Furthermore, the weekly Relative Strength Index (RSI) has already turned negative, confirming a nearly four-year bearish divergence and…

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Filed under: News - @ September 8, 2024 9:10 am