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Ethereum Price Nears Major Resistance At $2,200, Why A 13% Crash Could Follow
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Ethereum Price Nears Major Resistance At $2,200, Why A 13% Crash Could Follow

Scott Matherson
Scott Matherson
2 months ago
3 mins read
Ethereum

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A crypto analyst has predicted that the Ethereum price could be gearing up for an additional 13% crash to new lows. Currently, the cryptocurrency is hovering near the crucial $2,200 resistance, where a rejection could fuel further volatility and trigger a significant decline. 

Ethereum Price Set For $1,700 Crash

In a recent technical analysis published by MadWhale, a TradingView crypto expert, the Ethereum price is projected to experience a severe price breakdown, declining by 13% to reach $1,700. The analyst attributes this bearish outlook to the cryptocurrency’s recent price action and chart patterns. 

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Ethereum

Ethereum Price Nears Major Resistance At $2,200, Why A 13% Crash Could Follow

2 months ago

MadWhale shared an Ethereum price chart showing that the cryptocurrency is moving within a Descending Channel. This channel is generally a bearish chart pattern formed when two downward-sloping trend lines connect at lower highs and lower lows. It usually indicates a major downtrend, in which sellers dominate the market rather than buyers.

Ethereum
Source: MadWhale on Tradingview.com

Presently, the Ethereum price is fast approaching a main resistance area at $2,200, situated around the upper boundary of the Descending Channel pattern and marked by the red shaded area on the chart. Historically, when its price reaches this area, it often encounters significant selling pressure that leads to a sharp downward price reversal. 

MadWhale’s analysis suggests that the cryptocurrency may fail to break this critical resistance area, triggering his predicted decline to $1,700. This target aligns with a strong support area where the cryptocurrency has previously found buying interest. 

Notably, Ethereum’s volume analysis also indicates fluctuating market participation, with no strong signs of bullish drivers or strong momentum. If volume remains low and selling pressure increases, Ethereum is likely to experience further price declines.

Analyst Predicts Three Key Targets For Ethereum

Despite the ongoing selling pressure and decline in the Ethereum price, crypto analyst Patron on X (formerly Twitter) remains optimistic about the cryptocurrency’s future outlook. The market expert has predicted three bullish targets for the Ethereum price, believing that it is only a matter of time before its present downtrend dissipates. 

Related Reading

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Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish

3 months ago

The analyst noted that Ethereum had reached a key support level, where a bounce from this threshold could trigger a surge to his projected targets marked by yellow lines on his price chart. With the Ethereum price trading at $1,989 as of writing, the analyst forecasts that it could reach a first target of $2,296, representing a 15.44% increase. 

After this surge, Patron predicted that Ethereum would reclaim previous highs and rally to $2,913, marking a 46.46% gain. For his final target, he projects a surge to $4,000, reflecting a 101% jump to a new ATH. Notably, the analyst claims that if Ethereum can reach these bullish targets, it could yield a significant 100% profit for investors.

Ethereum
ETH trading at $1,995 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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