Ethereum Price May Drop to $1,600 Amid Bearish Signals
Ethereum's price may decline to $1,600 soon as it struggles below $2,000. Analysts cite technical patterns and on-chain data indicating further drops.
Price Breakdown Signals Bearish Sentiment
- Ethereum broke below $1,820, exiting a symmetrical triangle pattern.
- This breakdown suggests bearish market sentiment, with potential for further declines.
- Low trading volume raises concerns about an upcoming correction.
ETH Dominance Shows Warning Signs
- ETH's market dominance is forming a descending triangle pattern, indicating bearish momentum.
- Potential retest of the upper trendline could lead to another downward move.
- Weakening dominance suggests decreasing investor confidence in Ethereum compared to other cryptocurrencies.
On-Chain Data Supports Negative Outlook
- Active Ethereum addresses have significantly declined, correlating with the price drop.
- There is a notable decrease in fees burned and fees per transaction.
- Increase in ETH supply post-Merge event contradicts initial deflationary expectations.
Long-Term Optimism Remains
- Standard Chartered predicts Ethereum could reach $4,000 by year-end, down from a previous target of $10,000.
- Current price of Ethereum is approximately $1,803, showing less than 1% change over the past day.
- Weekly charts indicate a slight drop of about 1%, suggesting potential consolidation despite bearish indicators.