Ethereum (ETH) Price Is Ready To Fall Further, Here Is A Potential Target
The price of Ethereum (ETH) has invalidated a bullish pattern. It may continue to decline in the near future.
Weekly Outlook
The price of Ethereum (ETH) has been rising along with an ascending support line since June 2022. During this period, it reached a local top at $2,142 before starting a correction.
On May 15, 2023, the price bounced off the support zone at $1,770 (green arrow) and formed a morning star pattern (green ellipse). This is a bullish pattern that often leads to a trend reversal to the upside.
However, the price broke below this support zone last week, invalidating the bullish pattern. This is an extremely bearish development as it traps bulls and is often followed by a sell-off.
If so, the price of ETH may decline to the next support level at $1,470, formed by a horizontal support zone and a long-term ascending support line.
The weekly RSI indicator supports this possibility as it broke below its upward trendline and slopes downward.
Bearish Structure
Since reaching a local top at $2,142 on April 16, ETH has formed a bearish structure, showing that the bears are in control.
The price breaking below the $1,770 support on June 10 and confirming it as resistance in the past three days showing that the downtrend has resumed.
Therefore, a sell-off is likely to occur soon.
Conclusion
The most probable outlook suggests that the price of ETH will continue to decline in the near future. The potential target for this downward movement is $1,470.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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