{"id":13059,"date":"2024-10-10T22:00:07","date_gmt":"2024-10-10T22:00:07","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13059"},"modified":"2024-10-10T22:00:07","modified_gmt":"2024-10-10T22:00:07","slug":"ethereum-could-see-a-53-price-correction-if-this-happens-analyst","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13059","title":{"rendered":"Ethereum Could See a 53% Price Correction If This Happens\u2014Analyst"},"content":{"rendered":"

Ethereum has been experiencing sluggishness in its price performance recently, as the cryptocurrency continues to closely follow Bitcoin\u2019s movements. Currently trading at $2,392<\/a>, Ethereum is down 1.5% in the past 24 hours, adding to its gradual decline in recent days.<\/p>\n

This drop follows a brief price surge last week, where Ethereum saw a slight surge to above $2,600. Despite the minor increase, Ethereum remains down by 51% from its all-time high of $4,878, recorded in 2021.<\/p>\n

Ethereum Potential To Fall 53%<\/h2>\n

The sideways movement in Ethereum\u2019s price has left traders cautious. Amid this, renowned crypto analyst Ali has offered his perspective on Ethereum\u2019s current trajectory<\/a> in a recent post on X.<\/p>\n

Ali pointed out that Ethereum\u2019s price action tends to follow a particular pattern based on TD Sequential indicators. He explained that whenever Ethereum breaks above the TD setup resistance trendline, a strong bull run often ensues.<\/p>\n

However, when Ethereum dips below the TD setup support trendline, it typically results in a significant price correction. According to Ali, Ethereum is nearing a critical support level<\/a> of $2,250, warning that if this support is breached, it could trigger a major price drop.<\/p>\n

Ali further emphasized that ETH has previously seen an average of 53% corrections following similar breakdowns, suggesting that losing the $2,250 level could spell trouble for the cryptocurrency.<\/p>\n

Each time #Ethereum<\/a> breaks above the TD setup resistance trendline , a strong bull run follows. But when $ETH<\/a> breaks below the TD setup support trendline , we\u2019ve seen an average 53% correction.<\/p>\n

The key support now is $2,250\u2014losing it could trigger a significant price drop. pic.twitter.com\/PljkRda78S<\/a><\/p>\n

\u2014 Ali (@ali_charts) October 10, 2024<\/a><\/p>\n

On The Flip Side<\/h2>\n

While Ali expresses concern over Ethereum\u2019s potential for a significant downturn, other analysts remain optimistic about its long-term potential<\/a>.<\/p>\n

A crypto analyst going by the name EtherNasYoNAL on X recently shared a bullish outlook<\/a> for ETH, suggesting that the cryptocurrency could be on the verge of entering a new \u201cmega bull\u201d cycle.<\/p>\n

According to the analyst, ETH is currently in the final stages of what they describe as a \u201cretest and accumulation process.\u201d This phase is reminiscent of Ethereum\u2019s price movements<\/a> in 2020, where it underwent a similar process before the 2021 mega bull run.<\/p>\n

The analyst added that Ethereum\u2019s price action in the months of August, September, and October 2020 followed a specific pattern, with accumulation and retests before the asset saw a significant rise.<\/p>\n

EtherNasYoNAL believes Ethereum is currently mirroring this process and is poised to enter another mega bull cycle, expected to occur around 2025.<\/p>\n

Despite the current decline, the analyst remains confident that Ethereum\u2019s long-term trajectory is still bullish, encouraging investors to remain patient and await the expected price surge.<\/p>\n

#Ethereum<\/a> winks at the 2025 mega bull!<\/p>\n

Before the 2021 mega bull, we witnessed the retest and accumulation process in August, September and October 2020.$ETH<\/a> is in the final stage of the retest and accumulation process in August, September and finally October before the 2025\u2026 pic.twitter.com\/VsE36le746<\/a><\/p>\n

\u2014 E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L (@EtherNasyonaL) October 9, 2024<\/a><\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum has been experiencing sluggishness in its price performance recently, as the cryptocurrency continues to closely follow Bitcoin\u2019s movements. Currently trading at $2,392, Ethereum is down 1.5% in the past 24 hours, adding to its gradual decline in recent days. This drop follows a brief price surge last week, where Ethereum saw a slight surge […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13059","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13059"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13059"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13059\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}