Price Analysis

Ethereum Weekly Chart Looks Scary, Here’s Why ETH Price May Slide to $2000 Soon!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Mar 17, 2022

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Highlights

    Ethereum price is utilizing all its resources to maintain a significant uptrend as it’s on the verge to enter the crucial resistance zone

    Yet in the higher time frame a huge possibility of the asset falling apart is witnessed that may drag the price close to $2000 yet again

The crypto-space has managed to recover from the recent losses somehow as Bitcoin price maintains its trend along with $40,000. And hence Ethereum is also leaving no stones unturned to reach the $3000 levels at the earliest. The ETH price may eventually smash $3000 but unfortunately may not sustain effectively. As the larger time frame forecast is currently pretty bearish which point out towards a drastic drop. 

The price no doubt was preparing from a couple of days to rise high and solidify the uptrend for a long time. However, the asset struggled to enter the pivotal zones and hence with a notable reduction in buying volume, it’s pretty uncertain at the moment. However, once the price seals the $2800 levels then it may be extremely easy for the asset to surge above $3000. But the trade set up manifest a diverse trend which is displays a huge bearish well awaiting ahead. 

Also Read: Avalanche(AVAX) Price Approaches Crucial Resistance, $100 Pre-Programmed if These Levels Are Reached!

Ethereum price as predicted by the analyst may offer yet another chance to accumulate ETH at lower levels. And hence considering the weekly time frame, the asset appears to be extremely bearish. Only if the current weekly close is registered above $2800, then only the above scenario may be nullified. Else following the same trend, the second-largest crypto may scramble down below $2000 very soon. 

The current crypto trend is pretty misty as the weekend trend is reflected all over the week ahead. And hence as it is approaching very fast, one can expect a drastic change ahead. Therefore, if testing $3000 levels is pretty possible then retesting levels below $2000 may also be materialized soon. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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