By Franklin Smith
- Ethereum price might be heading for a 15% fall to $2,472, following a bearish chart setup.
- The alt might discover and test several defense lines before attaining the pessimistic target.
- Ether bulls should target value regions beyond $3,020 to cancel ETH’s bearish picture.
Ethereum risks further downswings after the leading alt plummeted under a crucial defense line and the governing technical setup’s lower limit around $2,944. The primary chart pattern indicated a bearish target, bears contemplating a 15% decline to $2,472.
ETH Price to Navigate Several Support Zones
Ethereum (ETH) sliced under the climbing wedge pattern’s lower boundary, revealing a pessimistic target of $2,472. ETH’s initial defense line stands at 38.2% FIB retracement zone near $2,855. More footholds might appear neat the 50 12hr Simple Moving Average at $2,772, then the 50% retracement area around $2,722.
Persisting selling momentum may see Ethereum’s price falling towards the Momentum Reversal Indicator’s support zone at $2,672. Intensified bearish sentiment might send ETH price lower to 61.8% FIB retracement mark near $2,589, the last ETH’s defense line before the altcoin attains the bearish aim of $2,472.
Nevertheless, a surge in buying momentum will see ETH targeting the $3,020 mark next. Meanwhile, the 21 12hr Simple Moving Average and 23.6% FIB retracement area coincide at this zone. Increased buy orders might push the crypto high to 100 12hr Simple Moving Average of $3,134, then the MRI’s resistance zone around $3,357.
Higher aspirations might eye the 200 12hr Simple Moving Average around $3,698. However, this move will require a sentiment shift to bullishness.
For now, Ethereum’s price reflects bearishness that dominates the overall crypto spectrum. The meme coin lost grounds after Bitcoin failed to overcome the $45K zone. ETH bears seem dedicated to taking the altcoin lower by 15% to explore the $2,472 value zone. However, the token will discover multiple defense barriers before hitting the bearish target. Meanwhile, bulls can cancel the pessimistic narrative with a leg up past $3,020.
While publishing this blog, Ethereum changed hands around $2,918.87. Broad market sentiment remains essential for ETH’s directional trends.
Stay tuned for upcoming crypto market updates.