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Ethereum Price Rally to Fail, Why a Crash Below $1,400 is Coming
The crypto market has been plagued by bearish sentiment, and the Ethereum price has not been spared. In fact, the cryptocurrency’s poor performance has only reinforced this negative attitude, making it even more likely that the ETH price will continue its downward trajectory.
According to TradingView data, if the current trend continues, the first target for a decline is $1,409. This is where the market may form a support level in a downtrend. However, the analyst warns that if this level is breached, Ethereum could plummet further to $1,350 and then $1,265 in the long term.
The bearish sentiment surrounding Ethereum is particularly concerning due to its poor performance compared to other cryptocurrencies. The cryptocurrency has failed to make any significant moves recently, which only adds fuel to the fire of pessimism. As a result, it’s possible that sell-offs could continue without respite, leading to further losses for ETH holders.
On-chain metrics have also painted a bleak picture. Bitcoinist reported that ETH gas fees had dropped to 2020 levels, the lowest they’ve been in five years. Meanwhile, Ethereum whales have led the sell-off trends by dumping over 143,000 ETH in just one week. These poor on-chain metrics and the sell-off trends suggest that the decline may not be near its end.
In conclusion, while some may still hold onto hope for a price rally, it’s crucial to acknowledge the overwhelming bearish sentiment surrounding Ethereum. With no signs of improvement in sight, investors should prepare themselves for the possibility of ETH plummeting below $1,400 and potentially even lower.
Source: https://bitcoinist.com/ethereum-price-rally-1400/
