Even though there are traditionally positive sentiments when analyzing the coin market. Things may not be as bright as seen with recent movements in the charts. A market analyst, Crypto Patel says that ether may drop to $1000 in the coming months.
Ether is currently trading at $2,699. The coin is down by 5.66% in the past 7 days. A month ago, the asset traded at $3,226. Reflecting a downtrend. As things stand, the movement of the chart depends largely on the $2,632 support which has proven strong in the past days.
However, with the prospect of a higher interest rate in the US, we should expect a weakening of this support. The consensus is that Ether is in a bearish trend. This can be confirmed by looking at the 20-day, 10,-day and 50-day moving averages.
The implication is that we should set our sights on the $2,500 mark for ether in the near term. This can be confirmed by looking at the weekly frames of other indicators, such as the MACD and RSI. Bearish crossover by the DM+ and DM- is another indication of an impending capitulation in the price of ETH. So the projected low target.
What Are We Really Looking At?
The $2,632 is pivotal to the expected sentiment in the coming days. Cryptopatel based their analysis on the Ethereum Elliot Wave, which shows that based on the repetitive pattern, that ether may drop as low as $1000 if the market fails to support the $2,632 mark.
#Ethereum ElliottWave Count:-
Expecting #ETH to trade near $1200 Range (Only if not give Breakout above $3300)
Now Elliott-Correction-Wave Forming Perfectly in #ETHUSDT Chart.
So Excited to buy-in $1200 Range?
Long Term Target = $22k (Next Bull-Run 2025-27)
Pls RT#Cryptos pic.twitter.com/MoiQwndM0S
— Crypto Patel (@CryptoPatel) May 6, 2022
According to them, investors should realistically expect buy-in for ETH at $1,200 if there is no breakout above $3,300. He reiterated that the next bull market for Ethereum is expected in the next couple of years.
Another analyst @cryptokaleo projects that the value of ETH will go down to $1,600. With present volume, Keyvaluepair stated that there needed to be a higher volume for the price of ether to see a remarkable surge in the coming weeks.
$1600 ETH makes sense pic.twitter.com/DzoPoHKy5s
— K A L E O (@CryptoKaleo) May 5, 2022