Ethereum Could See a 53% Price Correction If This Happens—Analyst
11 Oktober 2024 - 12:00AM
NEWSBTC
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 Price Retests
$2,350: Is a Bounce In The Cards? 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. 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 for a significant downturn, other analysts remain
optimistic about its long-term potential. A crypto analyst going by
the name EtherNasYoNAL on X recently shared a bullish outlook for
ETH, suggesting that the cryptocurrency could be on the verge of
entering a new “mega bull” cycle. According to the analyst, ETH is
currently in the final stages of what they describe as a “retest
and accumulation process.” This phase is reminiscent of Ethereum’s
price movements in 2020, where it underwent a similar process
before the 2021 mega bull run. The analyst added that Ethereum’s
price action in the months of August, September, and October 2020
followed a specific pattern, with accumulation and retests before
the asset saw a significant rise. Related Reading: Standard
Chartered Analysts Says Ethereum Price Will Reach $10,000 If This
Happens EtherNasYoNAL believes Ethereum is currently mirroring this
process and is poised to enter another mega bull cycle, expected to
occur around 2025. Despite the current decline, the analyst remains
confident that Ethereum’s long-term trajectory is still bullish,
encouraging investors to remain patient and await the expected
price surge. #Ethereum winks at the 2025 mega bull! Before the 2021
mega bull, we witnessed the retest and accumulation process in
August, September and October 2020.$ETH is in the final stage of
the retest and accumulation process in August, September and
finally October before the 2025… pic.twitter.com/VsE36le746 —
EᴛʜᴇʀNᴀꜱʏᴏɴᴀL 📈 (@EtherNasyonaL) October 9, 2024 Featured image
created with DALL-E, Chart from TradingView
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