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Ethereum Sees the Worst Q1 Close in History, Analyst Expects a Double Bottom Formation for ETH
The cryptocurrency market has been experiencing a tumultuous period as of late, with Ethereum (ETH) being no exception. As of March 31st, the pioneer altcoin asset has closed out its worst-ever first quarter performance, leaving many traders and investors questioning what comes next for the industry. In light of this dismal Q1 close, one prominent analyst is now expecting a double bottom formation to take place on the ETH price chart.
In an effort to explain the dire circumstances surrounding Ethereum’s underwhelming performance in Q1, it appears that the 4-year bull cycle may have finally come to an end, rendering the expectation of a new ATH (All-Time High) for ETH in Q1 unrealistic. Despite this bleak outlook, some analysts are still offering glimmers of hope by referencing historical data and past market trends.
Specifically, Ethereum’s current situation bears striking resemblance to its previous bearish Q1 closings seen in 2015 and 2020. In both instances, the asset began an upward trajectory that culminated in a historic ATH. These parallels have led many experts to speculate that ETH may once again follow this familiar pattern.
Furthermore, as Ethereum continues to plummet, some market observers are now forecasting an impending double bottom formation on the price chart. Such a development would signal strong support and potentially set the stage for an uptrend to take hold in the near future.
In a recent tweet, prominent crypto trader Merlijn The Trader (@MerlijnTrader) stated that Ethereum has returned to the “zone that built millionaires in 2017 and 2020.” He emphasized the possibility of ETH repeating this historical pattern, stating that if such an outcome were to transpire, it would result in the creation of numerous legends within the cryptocurrency space.
The market is now anxiously waiting for a clearer picture on what lies ahead for Ethereum.
Source: https://cryptonewsland.com/ethereum-sees-the-worst-q1/
