2023-06-07 23:14:17
© Reuters Ether: 20% Drop and $1,500 New Targets
CriptoFácil – Last Tuesday (6), the price of Ether () recorded about 4% intraday growth and fully recovered the losses. But the price dropped again after the imbroglio between Binance and the United States Securities and Exchange Commission (SEC).
But the price opened higher this Wednesday (7), showing that ETH is still in a sideways action in the coming days. But the correction outlook is still intact, and potential buyers should wait for a clear indication before entering the market.
See how to take advantage of this wait and know the best time to acquire ETH with a focus on medium to long-term valuations.
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On the daily chart, the ETH price formation has established a lower high ($1,917), indicating that the altcoin is still in the correction phase. That is, the formation of lower tops and lower bottoms tend to indicate a downward trend.
However, the highly volatile market has currently turned the tide, and the price resonates between $1,917 and $1,775. ETH sellers have failed in multiple attempts to break this $1,775 support, validating it as an accumulation zone for buyers.
If market sentiment takes a turn for the worse in the coming days, a successful dip below $1,775 will drop the coin by 5-6% to hit the long-standing support trendline. But extending this correction can cause losses of up to 20%.
The aforementioned trendline is the main support that carries the ongoing uptrend, and therefore, missing it will create a wide correction.
Will Ether price drop to $1500?
For the past six months, an ascending trendline has been showing a steady uptrend on the .
Traders project that Ether could drop from the current price and the ongoing correction could drop to $1,680, likely to sign with the uptrend line.
Only a decisive break below the trendline could accelerate the selling pressure on Ether price towards $1,500. This price level would consolidate the 20% correction and pave the way for the formation of a new long-term buy zone.
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