Veteran crypto traders who follow it closely think that Ethereum (ETH) could go down to $ 1,268 before rebounding.
Peter Brand says ETH’s 647,800 Twitter followers may be in a downward triangle, a pattern that shows downward risk for the second -largest cryptocurrency by market capitalization.
Brandt first it the chances of a downward triangle last week, ETH said looks “like a good prospect for a measured risk short trade.”
On Monday, traders together the chart includes a $ 1,268 price target if the $ 1,700 ETH support is to be taken.
Ethereum trading for $ 1,826 at the time of writing, down more than 1% over the past 24 hours.
Not all traders are as bearish. Popular crypto analyst Justin Bennett told 101,000 Twitter followers that traders should pay attention to the ETH trend line starting in November.
“A daily close above will open higher levels like $ 2,150 and $ 2,350. $ 1,700 is support. Below is the previous cycle peak of around $ 1,400.
Ki Young Ju, chief executive of on-chain insights platform CryptoQuant, record The Ethereum ecosystem is still growing.
“The distribution of supply is different from the bear market of 2019. Half of those resources are staked on DeFi [decentralized finance]ETH 2.0, and others. It reminds me that ETH has nothing but ICO [initial coin offering] back in 2019. I’m glad now people are talking about fundamentals.
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