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Will Ethereum Drop Back To $900? Here’s What This Analyst Thinks
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Will Ethereum Drop Back To $900? Here’s What This Analyst Thinks

Best Owie
Best Owie
1 year ago
3 mins read
Ethereum $900

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Following the Terra LUNA network collapse back in 2022, the price of Ethereum followed the general market downtrend. As a result of this, the ETH price had fallen to a new cycle low of $900, before recovering once more. However, now that the altcoin is still deep in the throes of the bear market, questions have arisen once more about the chances of the price returning to its 2022 lows.

Crypto Analyst Says Ethereum Could Drop To $900

In an analysis posted on TradingView, crypto analyst FieryTrading presents a scenario in which the price of Ethereum could fall back toward its 2022 lows. The analysis in question takes into account the multiple bullish trend lines that the digital asset’s price had fallen through over the last year.

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According to FieryTrading, Ethereum had one last remaining bullish line which had emerged on the chart back toward the bottom of the June 2022 sell-offs. However, the digital asset hasn’t been able to hold this trend line and they point out that “it’s well over a year old and must carry some weight.”

Ethereum price chart from Tradingview.com

ETH price could fall to $900 | Source: Tradingview.com

Due to this, the crypto analyst believes that the digital asset has entered into a long bearish stretch. As this bear stretch continues, which the analyst expects to be even longer, they see a high possibility of the Ethereum price reaching as low as $900 once more, as shown in the chart below.

Despite being seemingly convinced about ETH’s price decline, the analysis still needs confirmation. Their explanation which is shown in the chart as well asks to wait for the price to break below the $1,510 level for this to take place.

Ethereum price chart from Tradingview.com (crypto analyst $900)

ETH price falls to $1,567 | Source: ETHUSD on Tradingview.com

Bearish Going Into The Bitcoin Halving

As the analyst explains, the bearish expectation is not localized to just the Ethereum price alone. It seems to encompass the whole market which the analyst believes has finished out its half bullish stretch and has now entered into the bearish half that often leads up to the halving. As the analyst puts it, this indicates “that it’s the turn of the bears by now.”

This school of thought is not new and is actually backed up by historical data. When looking at the charts of cryptocurrencies such as Bitcoin and Ethereum, it shows that there was a bearish stretch leading up to the Bitcoin halving. After the event, this trend tends to reverse, which then signals the start of the bull market.

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In the months leading up to the 2020 halving event, the price of Ethereum saw a sharp decline that put its price in the $120 region before picking back up. So if there is a repeat of this, then FieryTrading’s analysis for ETH could play out.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Shutterstock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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