After the TerraLUNA network crash in 2022, Ethereum prices followed the overall market downward trend. As a result, the ETH price fell to a new cyclical low of $900 and then rebounded again
After the TerraLUNA network crash in 2022, Ethereum prices followed the overall market downward trend. As a result, the ETH price fell to a new cyclical low of $900 and then rebounded again. However, counterfeit coins are still in the throes of a bear market, and people are once again questioning whether prices are likely to return to the low point of 2022.
Cryptocurrency analysts say Ethereum may fall to $900
In an analysis published on TradeView, cryptocurrency analyst FieryTrading proposed a scenario where Ethereum prices may fall back to their lows in 2022. This analysis considers multiple bullish trend lines of last year's decline in digital asset prices
According to FieryTrading data, Ethereum has the last bullish line that appears on the chart, returning to the bottom of the June 2022 sell-off. However, digital assets have failed to maintain this trend line, as they point out that "it has been around for over a year and must have some influence
Therefore, cryptocurrency analysts believe that digital assets have entered a long-term bearish range. As this bear market continues, analysts expect this situation to continue for a longer period of time, and they believe that Ethereum prices are likely to fall again to $900, as shown in the figure below.
Although people seem to have a deep belief in the price decline of ETH, this analysis still needs to be confirmed. Their explanation shown in the chart also requires waiting for the price to fall below the $1510 level before this situation can occur.
Bearish Bitcoin halved
As analysts have explained, bearish expectations are not limited to Ethereum prices. It seems to cover the entire market, and analysts believe that the market has ended half of its bullish phase and has now entered the bearish half that usually leads to a halving. As analysts say, this indicates that "it's now the turn of bears".
This school of thought is not new and is actually supported by historical data. When looking at charts of cryptocurrencies such as Bitcoin and Ethereum, it indicates a bearish trend before Bitcoin halves. After an event occurs, this trend often reverses, marking the beginning of a bull market.
In the months leading up to the halving event in 2020, the price of Ethereum plummeted sharply, dropping to the $120 range before rebounding. Therefore, if this situation occurs again, FieryTrading's analysis of ETH may be confirmed.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
