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The cryptographic analyst predicted that the price of Ethereum can be prepared for an additional 13% Failure to have recent falls. Currently, cryptocurrency floats near a key resistance of USD 2,200, where rejection can fuel further variability and cause a significant decrease.
Ethereum price for $ 1,200
In the last technical analysis published Madwhale, commercial cryptographic expert, the price of Ethereum has experience Sedate price divisionFalling by 13%to reach $ 1,700. The analyst attributes this bear a cryptocurrency perspective Last price campaign and chart patterns.
Madwhale shared the Ethereum price chart showing that the cryptocurrency is moving within Decreasing channel. This channel is generally a bear pattern of the created chart, when two trend lines down are connected at lower levels and lower low levels. Usually indicates Major Down Trendin which sellers dominate the market, not buyers.
Currently, the price of Ethereum is approaching quickly The main resistance area At USD 2,200, located around the upper limit of the descending channel pattern and marked with a red shaded area on the chart. Historically, when its price reaches this area, he often encounters significant sales pressure, which leads to keen Returning the price down.
Madwhale analysis suggests that cryptocurrency may not break this critical resistance area, causing its expected decrease to 1700 USD. This goal is in line with powerful support area where the cryptocurrency previously found interest in shopping.
Especially, Tom Ethereum The analysis also indicates variable market share, without powerful signs of stubborn drivers or a powerful shoot. If the volume remains low and Enhance in sales pressureEthereum will probably experience further drops in prices.
The analyst provides three key goals of Ethereum
Despite the continuous sales pressure and decrease in the price of ethereumCrypto analist Patron on X (previously Twitter) remains optimist as to the future cryptocurrency prospects. The market expert has anticipated Three stubborn goals of the Ethereum price, believing that it is only a matter of time before his current inheritance trend disperses.
The analyst noticed that Ethereum achieved a key level of support in which the reflection from this threshold could Cause a keen growth For his projected purposes marked with yellow lines on his price chart. In the case of an Ethereum price at 1,989 USD, the analyst forecasts that he can achieve the first goal of USD 2296, which is an raise of 15.44%.
After this rape, the patron predicted that Ethereum would regain the previous Maks and gathered up to USD 2913, which means an raise of 46.46%. For its final purpose, it designs an raise of up to USD 4000, reflecting 101% jump to the recent ATH. In particular, the analyst claims that if Ethereum can achieve these stubborn goals, it can bring a significant 100% profit for investors.
A distinguished picture from Unsplash, tradingview.com chart
