Crypto Experts Warn: Ethereum ($ETH) Could Plunge by 50%!
Several seasoned traders and analysts are cautioning that Ethereum might experience sharp declines in the coming days. Crypto analyst Ali Martinez has pointed out a crucial technical pattern related to the TD (Tom DeMark) setup, which could signal where Ethereum is headed. Ali explains that Ethereum’s behavior around the TD setup trendlines has historically been a strong predictor of its future movements.
"Each time Ethereum breaks above the TD setup’s resistance trendline, it often triggers a strong bull rally," Ali states. "But if it dips below the support trendline, we've observed an average correction of around 53%."
Martinez suggests that if Ethereum drops to $2,500, selling pressure could mount, potentially leading to a wider altcoin crash. Adding to the caution, popular trader The Moon Carl notes a recent breakout in Ethereum's falling wedge pattern on the 1-hour chart. If Bitcoin continues its downward trend, Carl believes that ETH may quickly test the $2,200 level.
Furthermore, analyst Crypto Rand highlights another developing issue that could affect Ethereum’s price. He points to Ethereum linked to the PlusToken Ponzi scheme, which was seized by the Chinese government. Rand reveals that 7,000 ETH has already been transferred to exchanges, with an additional 542,000 ETH (valued at $1.3 billion) potentially on the way. If these assets are sold on the market, it could create substantial downward pressure on Ethereum’s price. The crypto community is now anxiously watching to see how these seized funds will be handled by Chinese authorities.
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