ethereumThe second largest digital asset behind the other major encryption assets, which raises questions about it Short -term horizons. While these currencies have achieved the highest new levels ever in the ongoing cycle, the ETH was in the direction of a decline after reconsidering the level of $ 4000. The encryption analyst is the current procedure, one of the worst since entering the original to the market.
The worst Ethereum chart appears in the years
The state of the declining market has been significantly reflected in the work of ETHEREUM prices in the past few weeks. Vegetable open This eth is in a pivotal moment because it is struggling with severe negative performance.
After going into the work of ETH in the continuous bull market tour, Mags highlighted that Altcoin has “one of the worst plans in all ages.” His diagnosis indicates that this current bull cycle may be the least productive of the original since its inception, with uncertainty in its capabilities to hit this new session at all.
Looking at the graph, it seems that Ethereum has made multiple Saudi attempts Last year, which was shortened due to strong resistance. Mags noticed that the price tried 3 times during this session, but failed to break the highest level of $ 4000.
Each failed attempt led to a deeper decline as shown in the scheme. In the last rejection, the price decreased much lower than the medium term as well as trading below supporting the upper direction line from the bottom of the cycle.
As a result, the market expert has identified two potential roads for him The price path short term. One of the tracks suggests a much larger declining movement and other hints in a large upward direction, allowing it to restore critical resistance levels and pressure on the renewed momentum.
For the first scenario, Mags indicated that ETH continues to go towards the negative side without any great support. Thus, Altcoin is believed to be at risk Deeper To the low range of $ 1060. In the second scenario, MAGS claims that ETH may move to a sign of $ 4000 to make another attempt to collapse after recovering $ 2,500.
However, from a more technical point of view, the expert is sure that Detate scenario It is likely to happen, predicting the extension of continuous proportions. Meanwhile, in order for ETH to climb again, at least you must reconsider the bullish direction line on the graph.
The chance of collapse appears for eth
While ETH eyes decrease, the main developments indicate the increasing momentum of the audience. Technical expert Jonathan Carter I was monitored Forming a descending channel on the ETHEREUM scheme in the timeline for two hours.
Historically, the descending canal style was an introduction to height. With the trading of prices within the style and approaching the upper resistance line, Eth It is likely to erupt to the upward trend.
When the collapse occurs from the resistance direction line, Carter expects to pay multiple targets such as $ 1962, $ 2,143, $ 2,320 and $ 2530. This direction reflection is expected to be strengthened by increasing the size during the collapse attempt.
Distinctive image from Unsplash, Chart from TradingView.com
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