Ethereum Price Downtrend Could be Well Underway, Back Below $100 would be the Next Target
Ethereum has been the one that started the crypto green rally both the weekends and is also currently one of the most affected ones. Ether price went to $164, which was last registered around November 19. From the high of $164.74, it went down to $135.50, a drop of 17 percent.
The third-largest cryptocurrency has been trading at $139.74 with the 24-hours loss of 14.62 percent, at the time of writing. In the BTC market as well, it is down by 7 percent while managing the daily trading volume of $6 billion.
Ethereum price chart, Source: Coinmarketcap
According to market analyst and trader Benjamin Blunts, Ethereum has completed the ABC by breaking above the wave 1. The chart shared by him also has a nebular arrow targeting $80 as the next level for Ethereum.
“ETH managed to break higher above prior Wave A, and although it fell short of the upper channel, the C wave i've been tracking consists of 5 waves so i'd be inclined to think that that the downtrend may well be back underway.”
Because of the severity of the dip that is 17 percent, Ethereum had also put in a “lower-low” for the first time on the 4-hours Ethereum price chart, crypto trader Eric Choe says, if greens make another entry, a sell-off is expected at $145,
“especially if it’s a low volume rise.”
Unlike, Blunts, crypto trader, Credible Crypto is bullish on Ethereum price and expecting $170 as the next target. However, he further shares a bearish view as well that would see Ethereum at $105.
Just like the prior move, Ethereum can take a hit of 30 percent but the trader says, it would “still be ok.” This week, Ethereum also has Constantinople upgrade coming, so it is yet to be seen if Ethereum will be seeing an upward move or another dump will be in play.