Price Analysis View Non-AMP

Ethereum Traps the Bulls, ETH Price Poised to Hit The High Demand Area Below $2600!

Written by: Sahana Vibhute

January 21, 2022

It’s a time for treatment yet again for the short traders as the markets maintain a constant downtrend since the mid of Q4 2021. Ethereum which once traded above $4500 is now plummeting hard below $2900 levels. The drop in value of nearly 42% was mainly fueled by 3 extreme sell-offs other than the usual market movements. However, the plunge could continue, but as the bulls were trapped, bears will also be trapped very soon.

Ethereum price ever since dropped below $4000 and tried to break the downtrend line a couple of times. Woefully the bulls got trapped, each time they attempted to uplift the price above the downtrend. The asset shed more than 23% in its value each time the price tried to slice through the trend line.

However, the current plunge appears to have halted after dropping nearly 14%, no doubt it is huge for ETH price, yet something better than the previous drops. 

As mentioned the bulls were earlier trapped at $3832 and later at $3269, they need to wait for a specified period of time before the price hits the potential target. Yet each time, currently, the ETH price may again consolidate for a certain time and yet again may plunge down on hitting the trend line. The price drain may drag the price towards the high-demand area just below $2600. Here is when the trading volume may experience a huge spike that may uplift the price above $2900 but may not hit $3000. 

However, Ethereum could consolidate just below $3000 for a couple of days before it slices through the potential target. However, as the ETH price movements are pretty slow yet steady, the breakthrough from $3000 levels may take a little more time than the average. 

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

LUNA 2.0 May Rise Price From $10 to $50, While Binance, Coinbase Gemini May Face a Lawsuit Soon!

After the lesson learnt in the past fortnight, Terra is all set to become the…

May 26, 2022

Creating a Self Development Platform Amongst Many Other Utilities – Trash Panda Gang Focuses on Helping Their Community

  Trash Panda Gang - a collection of 5555 3D hand-drawn NFTs - is now…

May 25, 2022

Bitcoin Outperforms Altcoins! BTC Price Might Hit $32K This Weekend

As range conformity continued, Bitcoin (BTC) momentarily rebounded to $30,000 before the May 25 Wall…

May 25, 2022

Do Kwon’s Approach To Terra 2.0 Listing Gets Rejected By S.Korean Crypto Exchange! Here Is Why

Do Kwon, the founder of Terra, is apparently having trouble getting Terra 2.0 listed on…

May 25, 2022

Here’s What MicroStrategy CEO Michael Saylor Has To Say About Bitcoin Mining

Every Crypto investor who has lost their money during this recent market collapse is now…

May 25, 2022

Never Owned or Understood Terra (LUNA) Says, Raoul Pal

Several inexperienced traders seemed alarmed by the stunning downfall of the TerraUSD and Luna coins,…

May 25, 2022