Ethereum (ETH) Price Might Drop 35% in Q2, This Is What Traders Can Expect

Ethereum (ETH) Price Might Drop 35% in Q2, This Is What Traders Can Expect

Ethereum

The post Ethereum (ETH) Price Might Drop 35% in Q2, This Is What Traders Can Expect appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cryptocurrency prices have been combined with Bitcoin buying and trading beyond the $38,000 mark in recent days. At $38,467, BTC was basically unchanged in terms of purchasing and selling. According to CoinGecko’s pricing, the global crypto market’s value has risen to $1.81 trillion in the last 24 hours. However, Ether increased modestly to $2,843.

As it approaches breaking below its “ascending triangle” pattern, Ethereum’s native coin Ether (ETH) could see a 35 percent market correction in Q2.

On May 2, the price of Ether fluctuated between gains and losses while trading at $2,825, indicating that traders are undecided about their next move.

Surprisingly, the Ethereum token swayed around a rising trendline that forms an ascending triangle pattern when combined with a horizontal line resistance. 

Before establishing its ascending triangle, Ether’s price was heading lower, increasing the odds of a breakdown in the coming weeks.

Ether’s fake-out move from more than a month ago is another gloomy warning.

Ether, for example, broke above its ascending triangle on March 28 before returning to its range a week later, indicating a phoney breakout. The conversion of the triangle’s top to resistance, followed by a period of constant selling, suggests that bearish momentum is growing and the market is approaching a breakdown point. 

Breaking below the Triangle’s lower trendline, on average, places the downside objective at a length equal to the triangle’s maximum height, or somewhere between $1,820 (-35%) and $2,160 (-30%), depending on the breakout point. 

Institutional Investors Draw Money out of ETH

Meanwhile, according to the latest CoinShares report, accredited investors have been withdrawing money from Ethereum-based investment products in 2022.

Specifically, until April 22, around $169 million has already departed Ethereum funds. In contrast, Ethereum’s layer-1 rivals, such as Solana (SOL) and Avalanche (AVAX), as well as its leading competitor, Bitcoin (BTC), saw capital inflows. 

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