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The Cryptagon crypto analyst has raised concerns about the possible emergence of a new cryptocurrency. Ethereum price He said that ETH was bullish, mirroring Bitcoins cycle from 2018 to 2021. The news comes as ETH investors continue to sell at record levels, continuing the downward pressure on ETH.
Ethereum could be mirroring Bitcoin’s cycle from 2018-2021
It is not a TradingView postThe Cryptagon said that Ethereum is very similar to Bitcoin’s cycle from 2018-2021. The Cryptagon stated that Ethereum’s long-term investors may still be bullish by simply looking at the chart. BTC cycleETH can achieve a result similar to the one seen with that flagship.
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This analyst acknowledged that Ethereum had been in a downward spiral since December of last year. It almost hit the 12-month fall support earlier this week. In spite of this, Cryptagon said that now is not the best time to sell ETH because it can still go higher as the price mirrors. Bitcoin’s 2021 cycle.
In the 2021 cycle he noted, a bounce on falling support led to a huge breakout above falling resistance. The Bitcoin price then rallied up to the Fibonacci Extension of 1.618. Cryptagon has predicted similar results. Ethereum could at least reach This market cycle is repeating a similar pattern of price movement.
The bullish forecast for Ethereum is accompanied by record-breaking selling that threatens to reverse any bullish trend for ETH. In an article on X, Cryptoquant founder Ki Young Ju Ethereum’s active trading has reached a record high in the last three months.
This contributed to ETH’s poor performance, since other major altcoins including XRP and Solana outperformed ETH during this time period. XRP has reached its all-time (ATH) high and SOL has also hit a new ATH. However, ETH is still nowhere near its current ATH.
The most important price level for ETH at the Moment
Post a X on a x-post crypto analyst Ali Martinez, According to the report, $1.887 represents the current most important level of support for Ethereum. Investors bought 1,63 million ETH at this price. This level is the lowest that investors can go.
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Martinez has raised the possibility that Ethereum will crash as low as $8,000. He pointed out that the $4,000 price level Had been holding a solid horizontal resistance trendline. However, ETH broke through this trendline recently, increasing the likelihood of a price fall of 70% to $800.
According to CoinMarketCap, at the time this article was written, Ethereum is currently trading around $1.893. This represents an increase of over 1% within the past 24 hours. data CoinMarketCap.
Chart from Tradingview.com, image courtesy of Unsplash
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Source: www.newsbtc.com
