{"id":6954,"date":"2024-09-16T10:15:25","date_gmt":"2024-09-16T10:15:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6954"},"modified":"2024-09-16T10:15:25","modified_gmt":"2024-09-16T10:15:25","slug":"20-crash-or-renewed-rally-for-ethereum-eth-in-the-short-term-analysts-chip-in","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6954","title":{"rendered":"20% Crash or Renewed Rally for Ethereum (ETH) in the Short Term? Analysts Chip In"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

ETH has dropped 11% over the past month, with analysts warning of a possible further decrease to $1,800 if key support levels fail.
\nOthers predict a potential rebound, citing a \u201cbear trap\u201d pattern and historical trends.<\/p>\n

<\/a><\/span><\/h2>\n

Further Pain for ETH Bulls?<\/h2>\n

Ethereum (ETH) has been among the worst-performing cryptocurrencies (from the top 10 list) lately, with its price dipping by 11% <\/span>on a monthly scale<\/span>. It is down 4% in the past 24 hours and <\/span>currently<\/span> trades at around $2,300 (per CoiGecko\u2019s data).\u00a0<\/span><\/p>\n

One popular analyst who <\/span>thinks<\/span><\/a> ETH\u2019s decline could be far from over is X user Ali Martinez. He outlined the $2,290-$2,360 range as a \u201ckey support\u201d level, where 1.9 million addresses hold approximately $52.3 million worth of the asset.\u00a0<\/span><\/p>\n

The<\/span> crypto<\/span> enthusiast<\/span> believes<\/span> ETH could crash by 20% to as low as $1,800 <\/span>should<\/span> its price <\/span>dip<\/span> below that zone.<\/span> Recall that its valuation briefly plunged to $2,260 a few hours ago.<\/span><\/p>\n

<\/a>ETH Price, Source: CoinGecko<\/p>\n

Certain on-chain metrics also <\/span>suggest<\/span><\/a> that Ethereum could experience<\/span> a <\/span>further <\/span>correction<\/span> in the near future<\/span>.<\/span> One example is the \u201cIn the Money\u201d indicator, <\/span>which is<\/span> down by 0.19% daily. It shows the change in the number of ETH investors currently sitting on paper profits. As of now, 54% are in the green, while 39% are underwater.<\/span><\/p>\n

The Bullish Scenario<\/span><\/h2>\n

Contrary to Ali Martinez\u2019s assumption, numerous other analysts are optimistic that ETH <\/span>is poised<\/span> for a revival. The X user Phoenix <\/span>thinks<\/span><\/a> the asset\u2019s chart has formed a \u201cbear trap,\u201d signaling a potential resurgence in the following months.<\/span><\/p>\n

JAVON MARKS <\/span>claimed<\/span><\/a> that Ethereum\u2019s pattern seems to have mirrored the one from 2023, which led to a 165% price increase.<\/span><\/p>\n

\u201c2023 looks to have been the blueprint for another massive upside that can soon <\/span>be transpiring<\/span> in this crypto market. Target is at $4,723.5, and a break above can welcome $8,100+ into play, projecting another near 2X in price, if not much, much more,\u201d the analyst argued.<\/span><\/p>\n

Last but not least, ETH\u2019s RSI has recently <\/span>plummeted<\/span><\/a> to a bullish ratio of around 30. The Relative Strength Index (RSI) helps traders assess overbought or oversold conditions and thus predict possible price reversals. Readings below 30 generally indicate that ETH is oversold, which could be a precursor of a rally. <\/span>Conversely, a ratio above 70 could be interpreted as bad news for bulls since it can be followed by a correction.<\/span><\/p>\n

The post 20% Crash or Renewed Rally for Ethereum (ETH) in the Short Term? Analysts Chip In<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR ETH has dropped 11% over the past month, with analysts warning of a possible further decrease to $1,800 if key support levels fail. Others predict a potential rebound, citing a \u201cbear trap\u201d pattern and historical trends. Further Pain for ETH Bulls? Ethereum (ETH) has been among the worst-performing cryptocurrencies (from the top 10 list) […]<\/p>\n","protected":false},"author":0,"featured_media":6955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6954"}],"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=6954"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6954\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6955"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}