As the new trading week begins in the United States, the price of Ethereum (ETH) rises dramatically. As it found reliable support around $2,500, the price of ETH may continue to rise in order to find important levels of resistance. Finally, Ethereum is in a long-term bear market.
However, before a definite directional bias, it may continue to consolidate between $2,500 and $3,200. At the time of writing ETH is trading at $2524 and has declined more than four percent.
Ethereum (ETH) Price to Decline Again?
On March 7, as Ether’s price rebounded by almost 3% to roughly $2,650, a day after testing its upward sloping trendline near $2,500, pseudonymous market expert Wolf offered the bearish forecast.
Wolf expected Ether’s fall to continue despite the momentary positive reversal. On March 7, as Ether’s price rebounded by almost 3% to roughly $2,650, a day after testing its upward sloping trendline near $2,500, pseudonymous market expert Wolf offered the bearish forecast. Wolf further expected Ether’s fall to continue despite the momentary positive reversal.
After breaking out of the pattern, the price can fall as far as the maximum distance between the triangle’s upper and lower trendlines. As a result, if Ether’s definitive move below the Triangle support is accompanied by a surge in volume, the next downside target might be levels around $2,000.
Bulls will attempt to defend the long-term diagonal, while bears will attempt to drive price to $1.8–1.9 thousand, Wolf predicted. Wolf’s gloomy view for Ether comes despite a recent increase in ETH holdings among the world’s wealthiest investors.
According to data from Santiment, Ethereum addresses holding between 1 million and 10 million ETH have accumulated 2.2 percent of the entire ETH supply produced in the last six months.
Furthermore, the buying binge corresponded with ETH’s price adjustment, implying that they were taking advantage of a price drop.
