The cryptocurrency market has not had a good week. The effects of geopolitical turmoil between Ukraine and Russia as the main driver have wiped out more than 20% of Bitcoin, Shiba Inu, Polygon, Cardano, Litecoin and most altcoin projects. While analysts predict more losses for ETH investors, famous CEOs share their price expectations…
What awaits the leading altcoin project?
Let’s start with Benjamin Cowen. Popular crypto analyst says Ethereum (ETH) is still in the correction phase. According to Cowen, the failure of Ethereum to even reach the bull market support band before it starts falling is a clear indication of weakness. This can be attributed to the relationship of the 21-week EMA line to the ETH price:
It looks like we’re going to encounter some kind of rejection here. We couldn’t even get there if you zoomed in. We didn’t even hit the 21-week EMA before it was flipped, which looks pretty weak to be honest.
crypto expert detects similar negative signals in Ethereum and Bitcoin (ETH/BTC) as bull market fails to retrace support band:
Ethereum/Bitcoin being rejected by its own bull market support band. It’s hard for me to tell if any of these are on the rise. I have a hard time saying that Bitcoin or Ethereum looks bullish. Neither seems to be in an uptrend at the moment.
Cowen thinks Ethereum trading below $2,000 is on the downside:
We’re still in our macro range of roughly $1,700 to just over $4,000. However, I believe we are more likely to pull back and retest at least this level ($1,700).
Ethereum prediction
, which scares famous CEOs, Melbin Thomas, CEO of Sahicoin, a social network for the crypto community, said that technical analysis points to $ 1,700 in Ethereum. Weekly support is near $2,000, as the chart below shows, but Thomas warns that it could drop below this level.
Edu Patel, CEO of auto-trading crypto exchange Mudrex, agrees. In a recent interview, he said:
Ethereum has multiple strong support levels at $2,200 and $1,850. The probability of ETH falling below $1,800 in the near future is very low. But if that happens, it will be a great buying opportunity.
As a result, according to experts, Ethereum’s bearish momentum may deepen. In an interview with The Times of India, EarthID vice president of strategy Sharat Chandra said he expects Ethereum to continue its downward price movements.
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