Ethereum (ETH), the smart contract platform that has long been a darling among crypto fans, faces a cloudy future as analysts expect a price drop. In a recent video, famous crypto expert Nicholas Merten, known for his large YouTube following of 512,000 subscribers, expressed doubts about Ethereum’s future.
Merten has been watching Ethereum’s price activity intently and feels the cryptocurrency had a perfect opportunity to break out of an ascending triangle pattern but failed to do so convincingly. According to him, Ethereum’s failure to break through the barrier of the bullish formation indicates a weakness in its position and predicts the prospect of a significant price decrease.
“Ethereum is unable to step up to the plate. It continues getting shot down at roughly $2,000, which is fine. However, you must finally be able to either break out to the upside or break through the ascending line of support to the downside, which is bad news. Merten advised, “That is a failed technical pattern.”
He further claimed that if Ethereum does not rise soon, it may return to its prior support zone of $1,100 or perhaps plummet as low as $890, approximating the price levels seen in June. In a more gloomy scenario, Merten predicted that Ethereum would fall to a price range of $300 to $500.
Ethereum is currently trading around $1,597, just below the diagonal support of Merten’s ascending triangle pattern. This situation has alarmed investors and traders, as the cryptocurrency appears to be on the verge of a massive price fall.
Merten is not alone in his concern about Ethereum’s future. Crypto strategist Benjamin Cowen has also stated his concerns, predicting that ETH might go to as low as $400. Cowen predicts that Bitcoin will make a lower low, falling below $800 and reaching $600 or $500.
In conclusion, Ethereum’s recent price performance and the concerns expressed by notable analysts such as Nicholas Merten and Benjamin Cowen have palliated its future. As Ethereum navigates through this challenging moment, investors and traders carefully monitor its price movements. As a result, the crypto market remains tense as it awaits further developments that will determine Ethereum’s fate in the following weeks.
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