$ETH

Ethereum Price Prediction: How Low Can the ETH Crash Get?

Ethereum price has continued its strong downward trend as the crypto fear and greed index slumps. ETH has dropped for two consecutive weeks, reaching a low of $1,645, its lowest level since October. It has slumped by over 60% from its highest level in December last year.

Ethereum Price Technical Analysis

The weekly chart shows how low the ETH price has plummeted. After peaking at $4,098 in December, the altcoin has lost more than 60% of its value, erasing billions of dollars in value.

The token formed a triple-top pattern at $4,098, a popular bearish sign comprised of three peaks and a neckline at $2,140. Ether has already moved below that neckline, indicating that bears have prevailed.

Ethereum price has also plunged below the 61.8% Fibonacci Retracement level at $1,935. This is notable because this Fibonacci level is widely known as the ‘golden ratio,’ where most pullbacks occur.

Ether has also moved below the 50-week and 100-week Exponential Moving Averages (EMA). Additionally, the Relative Strength Index (RSI) and the Stochastic Oscillator are both pointing downwards.

The closely-watched Average Directional Index (ADX) has jumped to 30 and is pointing upwards. The ADX is a common indicator that measures trend strength; a figure above 20 indicates a strengthening trend.

Therefore, Ethereum’s price is likely headed for a bearish breakdown in the coming days, with crucial support levels at $1,500 and $1,000.

The bearish ETH price forecast will be invalidated if the coin rebounds to retest the crucial resistance level at $2,138.