Ethereum is enjoying a positive week. The crypto currency has remained in the green zone over seven days and it’s price has risen by 3.7%.
- Ethereum currently is caught in an inverted pennant design
- The altcoin has the potential to reestablish the bearish trend.
- New support mark for Ethereum: $1,130
The secohttp://nd.According to CoinMarketCap, $1,324 is the largest cryptocurrency in terms of market capitalization. CoingfeckoAt the time this is written, its 24 hour trading volume was just over $5 billion.
However, Altcoin is the most well-known altcoin and investors need to be vigilant as many analysts think that it will experience a price correction and bearish momentum.
This is yet another negative development for crypto, after a successful network upgrade last week.
Ethereum’s Bearish Price Structure
Inverted pennant patterns are where Ethereum prices have been moving for days. The crypto is in danger of falling into a bearish trend.
A triangle formation is formed when the price hits the peak, before it breaks the bottom support trendline. Then the previous downtrend resumes.
In Ethereum’s case, such a scenario would mean breaking the $1,250 support level all the way to $1,130. An altcoin might see prices drop as much as 14.3% when this happens.
However, there is a possibility that the reverse would happen and Ethereum will shatter the support overhead trendline which will prevent the looming bearish run of Bitcoin’s nemesis.
It’s a bad time to buy Ethereum
Negative news continues to come out about Ethereum, the crypto-tracking tool CoincodexConclusion: It’s not a great time to be investing in altcoins right now.
The digital asset will lose 7.12% and trade at $1.237.79 on October 16. The crypto’s technical indicators also look bad as the current sentiment in crypto is bearish. Volatility remains high.
Ethereum scored 22 on its Fear and Greed Index. This indicates that there is extreme fear. The cryptocurrency also managed only 12 green days out of the 30 day period, which is equivalent to 40%.
Altcoin’s future looks brighter as next year is expected to see a $2,156.26 trading price, which is significantly more than it currently is.
Experts believe that 2023 would be a great year to purchase the asset.
ETH Total Market Cap at $160.36 | Featured image from Kryptomoney, Chart: TradingView.com