As a seasoned crypto investor with over a decade of experience, I’ve seen my fair share of market fluctuations. The current situation with Ethereum leaves me cautiously optimistic. On one hand, renowned analyst Ali suggests that Ethereum might be heading for a significant price drop if the $2,250 support level is breached, with an average correction of 53% being historically typical. This warning bell should not be ignored, but it’s also essential to remember that past performance is not always indicative of future results.
Recently, Ethereum‘s price has been moving slowly compared to its usual pace, mirroring Bitcoin‘s trends. At the moment, it’s valued at approximately $2,392. Over the last day, its value has dropped by 1.5%, further adding to its recent series of minor decreases.
After a short spike in price last week that took Ethereum over $2,600, it’s now experiencing a drop. Although there was a small rise, Ethereum is still 51% lower than its peak price of $4,878, which it reached in 2021.
Ethereum Potential To Fall 53%
Traders are treading warily due to the lateral shifts in Ethereum’s pricing. In light of this uncertainty, well-known cryptocurrency analyst Ali recently shared his insights on Ethereum’s potential direction in a recent article posted on platform X.
Ali noted that Ethereum’s price movements usually conform to a specific pattern as suggested by TD Sequential indicators. He clarified that when Ethereum surpasses the TD setup resistance line, it typically initiates a robust uptrend or bullish phase.
If Ethereum falls beneath its TD setup support line, it often leads to a substantial price decrease, as suggested by Ali. He cautions that Ethereum is approaching a crucial support level at $2,250, and if this level is broken, it might initiate a significant price decline.
Ali underscored the point that historical data indicates a typical correction of around 53% for ETH after similar price drops, implying that falling below the $2,250 mark might signal potential difficulties for the digital currency.
Every instance where Ethereum surpasses its TD setup resistance line often triggers a powerful upward trend, also known as a bull run. Conversely, when Ethereum falls beneath its TD setup support trendline, it usually corrects by approximately 53%.
The key support now is $2,250—losing it could trigger a significant price drop.
— Ali (@ali_charts) October 10, 2024
On The Flip Side
Although Ali voices worries about Ethereum possibly experiencing a major drop, other experts continue to be hopeful regarding its future growth prospects.
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.
Based on the analyst’s perspective, ETH is currently experiencing a “repeat and stockpiling period,” which resembles Ethereum’s price trends from 2020. During this time, it followed a similar pattern before the massive price surge in 2021.
In those three months (August, September, and October) of 2020, Ethereum’s market behavior exhibited a distinct trend: there were periods of gathering and testing prior to noticeable growth.
According to EtherNasYoNAL’s perspective, Ethereum appears to be following a similar pattern and seems ready to experience another significant bull market, which could happen approximately in the year 2025.
Even though Ethereum’s value is currently decreasing, the analyst maintains a positive outlook for its future growth trend. They advise investors to stay calm and keep faith, as they anticipate an increase in Ethereum’s price in the long run.
#Ethereum winks at the 2025 mega bull!
In August, September, and October of 2020, we saw ETH undergo a retesting and accumulation phase prior to its massive bull run in 2021. Similarly, as we approach 2025, ETH is now experiencing the final stages of this retest and accumulation process before its anticipated bull run.
— EᴛʜᴇʀNᴀꜱʏᴏɴᴀL (@EtherNasyonaL) October 9, 2024
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2024-10-11 01:16