Ethereum (ETH) Expects More Pain amid Bearish Dominance
- ETH might see its price extending the downward move towards $2,297 if bulls fail to join the craze.
- The 2nd-largest digital coin by market value had its momentum fading.
- Ethereum might consolidate inside the prevailing chart setup unless the alt sees surged buy orders.
Ethereum (ETH) had its latest price actions exceeding the prevailing chart’s bearish target of $2,353. The alternative coin observed a slight rebound but found it challenging to secure a dependable support barrier to avoid further losses.
ETH Price Surpass Bears’ Target
The twelve-hour chart shows ETH price slicing beneath the descending parallel channel’s lower boundary. That way, the leading al reached the prevailing chart setup’s bearish aim at $2.353. That comes amid a massive crash that left the global crypto market cap 1 trillion less.
Though Ethereum price tries to overturn its underperformance period, Ether might continue sliding lower to the parallel channel bottom if bulls fail to take ETH higher. Magnified selling pressure may mean ETH price tagging the channel’s downward trend-line at $2,297. A catastrophic crash will have Ethereum plunging towards 127.2% FIB extension mark at $2,004.
Meanwhile, buyers’ resurgence might see Ethereum encountering the nearest resistance at 78.6% FIB retracement zone at $2,544. Overcoming this level will clear the road for ETH to hit the 61.8% FIB retracement mark at $2,730, matching the prevailing chart pattern’s lower boundary.
A surge in buying momentum might witness Ethereum tagging the 50% retracement area of $2,861. After that, it can hit the 38.2% FIB retracement zone at $2,992, the level where 21 12hr Simple Moving Average also stands.
Bulls might require an additional strength for Ethereum price to tag 23.6% FIB retracement mark at $3,154, the value area sitting around the governing technical pattern’s upper boundary. However, such a case would necessitate steady upswings in the crypto spectrum.
The Momentum Reversal Indicator’s resistance line indicates ETH might meet a stiff obstacle at the prevailing chart’s upper trend-line. The alt needs a decisive break past the mentioned hurdle to signal an end of the underperformance period.
Nevertheless, Ethereum’s near-term outlook suggests weak actions, bears contemplating further downswings. That way, the alt might dip more before upticks emerge. Stay around for more updates.