Analysts warn that the price of Ethereum will drop to $1,000
Ether (ETH) price may drop to $1,000 if market analysts confirm breakout from bearish chart pattern.
Main Receptors:
Ether Bear Flag 50% ETH price drops to $1,075. If the price breaks below $2,000, Ether will risk more than $1.70 billion in long-term liquidity. As major ETH holders reduce exposure, the stock of the well will weaken.
Ether's bear flag has targeted a price of 1,000 ETH
Ether's decline could accelerate if the price breaks below the $2,000 bearish flag low trend line on the daily chart, as a similar breakout in January saw ETH price drop 41.5%.
Related: Ether receiver volume turns negative for first time in two months: Will ETH fall below $2K next?
A bear flag pattern is a hidden continuation setup that occurs after the price consolidates following a sharp decline.
The measured flag target, added to the $2,000 breakout from the previous downtrend height, is $1,075, a 49% drop from the current price.
ETH/USD Weekly Chart. Source: Cointelegraph/Trading view
“$ETH is about to break the bear flag pattern” Analyst Coin Signals he said. In Monday's post, if the price on X fails to hold above the lower trend line at 2,000, “a sell-off towards $1800 or a new low” will follow.
Associate Analyst Keith Allan. They spoke Followers should prepare to “prepare for the worst” including confirmation of a death cross between the 21-day simple moving average (SMA) and 50-day SMA and confirmation of a bearish flag on the daily time frame.
“Momentum indicators also show deterioration in the daily and weekly RSI timeframes,” the analyst said he said. Recently in X.
“Failure to establish support, however, opens the door to progressively lower technical support levels” that would open the door to a bearish flag structure target of around $1,300, he said.
ETH/USD Daily Chart. Source: X/Keth Alan
Associate analyst Crypto Patel he said. That's ETH's Confirmation of the increasing wedge pattern It was underway with a minimum goal of $1,500.
“Ethereum has lost a key rising trend. As long as the price remains below it, weakness may continue.”
ETH/USD Daily Chart. Source: X/Crypto Patel
Meanwhile, Ethereum's liquidity map shows that a correction below $2,000 could trigger more than $1.70 billion worth of long ETH liquidity across all exchanges, according to data from CoinGlass.
ETH exchange liquidity map. Source: CoinGlass
Ethereum whale stocks fall
Ether's recent retracement to $2,400 hasn't sparked broad stock in major wallet aggregators, Glassnode Data He showed.
For example, the number of mega-well wallets holding more than 10,000 ETH fell sharply to a 10-month low of 1,050, with a 30-day change of -70, levels seen at the beginning of last February.
Ethereum mega-well address count balance (> 10K ETH). Source: Glassnode
In other words, big players are using the latest liquidity to avoid risk, showing their lack of mid-term confidence.
The picture appears to be similar among smaller wallet clusters.
Ethereum wallets, which hold between 1,000 and 10,000 ETH, are shrinking, falling to a nine-month low of 4,750 on May 8. The 30-day trend remains negative, around -50 at the time of writing.
Ethereum whale and shark address balance counters. Source: Glassnode
Taken together, the data points to a continued spread and weak confidence among key ETH holding groups, reinforcing the risk of a deeper downside if $2,000 is breached.
This is consistent with the decline in the whale population Recently entered into exchanges.The path of least resistance indicates a near-term downtrend and selling pressure increases.
