Price Analysis View Non-AMP

ETH/USDT at Crucial Levels, ETH Price Due for a Huge Downtrend To Hit $1700

Written by: Sahana Vibhute

January 29, 2022

ETH/USDT Price Analysis

Ethereum after undergoing a drastic plunge for the past 10 days is expected to undergo yet another massive drain in the upcoming days. The asset has maintained a slow yet steady uptrend within a parallel channel in the first half of Q4 2022.

However, the asset further consolidated above $3700 for almost a month and eventually fell into a deep bearish well. Currently, the asset is accumulating gains by minimizing the volatility but in reality, the ETH price is due for a huge downtrend. 

The price is consolidating after a deep plunge and hence forms a clear bearish flag. Moreover, the asset is very close to the apex of the flag and hence a breakdown may be fast approaching. If the ETH price trembles down here, then the asset may hit the mower support levels and the interim target of $1700. However, whether the asset may rebound or not would be completely dependent on the volume then.

ETH/BTC Price Analysis

The ETH/BTC pair since the May crash has strongly maintained an uptrend line, manifesting the price to be within a notable uptrend despite multiple pullbacks. After falling off the cliff, the ETH/BTC is testing the support trend line yet again. Each time, the asset is expected to bounce back and quickly hit the immediate resistance area. Else the fear of slashing towards the lower levels is pretty high.

As mentioned in the chart, the ETH/BTC price is testing one of the crucial levels at the FIB 1. And hence a rebound here may be expected but not with a huge intensity. And hence the asset may continue to plunge if it fails to sustain at these levels and could slip down to the next support levels and ignite a strong flip. However, in both cases, the asset could flip the bearish divergence and jump high towards the resistance area.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

The Terra Blockchain Gears Up For Terra 2.0 Launch on May 27, But Without UST Stablecoin

After the Terra blockchain faced one of the biggest cryptos crashes with LUNA & UST…

May 26, 2022

Terra Community litigation Fund To Be Released Soon!

The spectacular collapse of Terra's UST stablecoin lost its $1 price peg. which has also…

May 26, 2022

As LUNA 2.0 is been Criticized, Will Every Unlock of These Air-Drop Withness Heavy Price Plunge?

After the brutal collapse of the Terraform Labs, the LUNA token and the UST token,…

May 26, 2022

Top Reasons Why Bitcoin (BTC) Price Dropped Nearly 50% In 2022

Glenn Hutchins, Chairman of North Island, spoke to CNBC about one of the reasons why…

May 26, 2022

Ripple to Consider IPO Post-SEC Battle, Says CEO Brad Garlinghouse

According to CNBC, Ripple Labs CEO Brad Garlinghouse stated at the World Economic Forum in…

May 26, 2022

This is Why Tron(TRX) Will Emerge As a Clear Winner Amid Crypto Crash

Following the collapse of Terra (LUNA) and its algorithmic stablecoin Terra USD, a closely followed…

May 26, 2022