Following the failure of the Terra LUNA network in 2022, Ethereum’s price declined in line with the overall market trend. This caused the price of ETH to drop to a new cycle low of $900 before rising once again.
But with the cryptocurrency currently mired in a bear market, concerns have once again surfaced over the likelihood of a price decline to the 2022 lows.
Crypto Expert Predicts Ethereum Will Fall to $900
Crypto researcher FieryTrading lays out a scenario in which the price of Ethereum might return to its 2022 lows in a post on TradingView. The research in question considers the several bullish trend lines that the price of the digital asset had dropped through in the previous year.
Is Ethereum Heading Back to $900? Analyst’s Price Projection,Is Ethereum Heading Back to $900? Analyst’s Price Projection
FieryTrading reports that Ethereum has one last positive line that appeared on the chart, pointing back towards the June 2022 sell-off low. The digital asset, they note, “must carry some weight as it’s well over a year old,” but it hasn’t been able to maintain this trend line.
The crypto analyst thinks that the digital asset has started a protracted negative trend as a result. The expert projects that current bear stretch will go even longer, and as the chart below illustrates, there is a good chance that the price of Ethereum may drop as low as $900 once more.
Even if the study appears to be persuaded on ETH’s price decrease, validation is still required. In their reasoning, which is also depicted in the chart, they request that we hold off on doing this until the price breaks below the $1,510 mark.
Pessimistic About The Bitcoin Halving
The expert clarifies that the gloomy prognosis extends beyond the price of Ethereum. It appears to cover the whole market, which the analyst thinks has entered the bearish half that frequently precedes the halving after its half-bullish phase. This suggests, in the words of the expert, “that it’s the turn of the bears by now.”
This kind of thinking is not new, in fact historical evidence supports it. There was a negative period preceding the Bitcoin halving, according to the charts of cryptocurrencies like Ethereum and Bitcoin. This tendency tends to reverse after the occurrence, which marks the beginning of the bull market.
Is Ethereum Heading Back to $900? Analyst’s Price Projection,Is Ethereum Heading Back to $900? Analyst’s Price Projection,Is Ethereum Heading Back to $900? Analyst’s Price Projection