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ethereum has been experiencing sluggish price performance recently as the cryptocurrency continues to closely track bitcoin's movements. ethereum, currently trading at $2,392, is down 1.5% in the last 24 hours, adding to its gradual decline in recent days.
This drop follows a brief price surge last week, where ethereum saw a slight rise above $2,600. Despite the small increase, ethereum is still 51% below its all-time high of $4,878, recorded in 2021.
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ethereum's potential will fall by 53%
ethereum's sideways price movement has left traders cautious. In the midst of this, renowned crypto analyst Ali offered his perspective on ethereum's current trajectory in a recent post on x.
Ali noted that ethereum price action tends to follow a particular pattern based on TD Sequential indicators. He explained that whenever ethereum breaks above the TD setup resistance trendline, a strong bull run often occurs.
However, when ethereum falls below the TD setup support trendline, it usually results in a significant price correction. According to Ali, ethereum is approaching a critical support level of $2,250, warning that if this support is broken, it could trigger a major price drop.
Ali further emphasized that eth has previously experienced an average of 53% corrections following similar breakdowns, suggesting that losing the $2,250 level could spell trouble for the cryptocurrency.
<blockquote class="twitter-tweet”>
Always twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#ethereum breaks above the TD setup resistance trend line , a strong bullish run follows. but when twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$eth breaks below the TD setup support trend line , we have seen an average correction of 53%.
Key support now is $2,250; losing it could cause a significant price drop. pic.twitter.com/PljkRda78S
—Ali (@ali_charts) twitter.com/ali_charts/status/1844285488607395859?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>October 10, 2024
On the other side
While Ali expresses concern about ethereum's potential to suffer a significant downturn, other analysts remain optimistic about its long-term potential.
A crypto analyst named EtherNasYoNAL on x recently shared a bullish opinion. x.com/EtherNasyonaL/status/1844048288510820739″ target=”_blank” rel=”nofollow”>perspective for eth, suggesting that the cryptocurrency could be about to enter a new “mega bull” cycle.
According to the analyst, eth is currently in the final stages of what they describe as a “retesting and accumulation process.” This phase is reminiscent of ethereum's price movements in 2020, where it went through a similar process before the 2021 mega bull run.
The analyst added that ethereum's price action in the months of August, September and October 2020 followed a specific pattern, with accumulation and retests before the asset saw a significant rise.
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EtherNasYoNAL believes that ethereum is currently mirroring this process and is ready to enter another mega bull cycle, which is expected to occur around 2025.
Despite the current decline, the analyst remains confident that ethereum's long-term trajectory remains bullish, encouraging investors to be patient and wait for the expected price rise.
<blockquote class="twitter-tweet”>
twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#ethereum
Before the mega bull of 2021, we witnessed the repetition and accumulation process in August, September and October 2020.twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$eth It is in the final stage of the repetition and accumulation process in August, September and finally October before 2025… pic.twitter.com/VsE36le746
— EᴛʜᴇʀNᴀꜱʏᴏɴᴀL (@EtherNasyonaL) twitter.com/EtherNasyonaL/status/1844048288510820739?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>October 9, 2024
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