Ethereum A recent technical report suggests that the cryptocurrency is nearing a major price drop. analysis Alan Santana is a well known crypto analyst. Santana predicts Ethereum’s price will rise to $2,000 in a matter of days or even weeks. He advises investors to prepare for the imminent decline.
The analyst explains that Ethereum is down for six straight weeks and yet investors continue to wait for new highs. Santana draws parallels in a five-step sequence between the present market and events of November 2021.
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The Momentum Has Changed From All-Time Highs to Bearish
Early in November 2021 Ethereum hit a new high, but it immediately went red. This signaled a possible reversal. Santana says that when the market reaches a new ATH it is the most bullish, but also the potential for the greatest bearishness.
He says that the time to sell when prices are high near resistance is the most optimal, since waiting to get confirmation from the markets can often lead to missed chances.
In early March of 2024, Ethereum again reached a high, before it turned red, and began to fall, with a growing bearish momentum last week. This pattern resembles what happened after the November 2021 ATH.
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Ethereum EMA10 Breakdown confirms top is in
Ethereum turned red after it dropped below its 10-week exponential moving (EMA10). Breaking and closing below EMA10 was a confirmation that the top had been reached and a new wave of bearishness began. “first drop.” Similarly last week, Ethereum fell below EMA10 for the weekly timeframe on April 8th, 2024. It confirmed the new top.
Santana has now confirmed the date of the concert. “first drop,” A target range could be between approximately $2222 and $2400. After this decline, there may be a dead cat bounce. A temporary recovery within a trend that is declining, which can lead to an even lower low, and ultimately a bearish movement.
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According to the analyst, the major flush is likely to reach $2000. This would fall around the MA200 of 200 weeks. It’s a level that analysts consider a strong support. Santana believes that this area is a key support to monitor, even though the price of bitcoin could go down.
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Source: watcher.guru
