Ethereum Price at Critical Junction Following Drop to $3,000
Crypto analyst Max indicates that Ethereum (ETH) is at a critical juncture following its decline to around $3,000. He warns that if ETH fails to complete a specific pattern, it could enter a bearish phase.
Key Points on Ethereum's Current Situation
- Max states ETH may enter a downtrend if it does not complete the "ultra-scary 3 drive into the lows" pattern.
- Next significant support level below $3,000 is $2,400, indicating potential further drops.
- Worst-case scenario involves a sweep of the $2,800 mark and Bitcoin dropping to $95,000, requiring an immediate positive reaction from ETH.
- Despite current trends, Max remains bullish on ETH and has not sold his holdings.
- Crypto whales are accumulating ETH, with large transaction volumes spiking over 200% in 24 hours.
Future Price Projections
- Analyst Wolf suggests ETH may be suppressed for accumulation by larger players.
- Predictions indicate a breakout to $4,000 by the end of February, followed by a rally to $5,000 in March.
- Expectations include reaching $6,500 by early April, followed by a correction before potentially hitting $9,500 to $10,000.
Current trading price of ETH is approximately $3,100, reflecting a nearly 2% decrease in the last 24 hours.
