Ethereum price predictions: ETH to suffer more as sell-off continues

Ethereum Price Predictions: HIGHLIGHTS

  • If the bulls refuse to step in, Ethereum could continue to fall toward $2,297.
  • As market capitalization has fallen, the momentum of the second largest cryptocurrency (ETH) has waned.
  • ETH will likely consolidate within the prevailing chart pattern except for an increase in buy orders.

The price of Ethereum has exceeded the bearish target given by the prevailing chart pattern at $2,353. 

Ethereum has improved slightly but is having difficulty finding a reliable support level to prevent further decline.

Ethereum price has exceeded bears’ target

The Ethereum price has fallen below the lower boundary of the descending parallel channel on the 12-hour chart. Reaching the target pessimistic as projected by the prevailing chart pattern at $2,353.

Although Ethereum price has attempted to turn around the period of underperformance, ETH could continue to slide lower in the lower parallel channel if bulls are unable to raise prices.

eth/usdt 12-hour chart

Ethereum hourly price chart

In the event of a catastrophic sell-off, the price of ETH could fall to close below the downside trend line of the lower parallel channel at $2,297. Before dropping towards the 127.2% Fibonacci extension level at $2,004 if additional selling pressure continues.

Ethereum price may face immediate resistance at the 78.6% Fibonacci retracement level at $2,544. Then at the 61.8% Fibonacci retracement level at $2,730, coinciding with the lower boundary of the current chart pattern.

In the event of a spike in buying pressure, ETH could strike the 50% retracement level at $2,861. Before hitting the 38.2% Fibonacci retracement level at $2,992, where the 21 twelve-hour Simple Moving Average (SMA) is located.

The price of ETH may need to climb even higher before it touches the 23.6% Fibonacci retracement level at $3,154, which is near the upper boundary of the governing technical pattern.

With the Momentum Reversal Indicator (MRI) showing a resistance level at the top of the chart pattern, Ethereum might face a steep roadblock at that level. Unless the company breaks through the obstacle mentioned above decisively, the period of underperformance cannot be reversed.

Multichain hacker returns 322 ETH

In other news,, Multichain users lost more than $3 million during the week due to a security vulnerability in six tokens. White hat hackers have recovered 322 ETH, but over 527 ETH are still vulnerable.

Multichain hackers have returned 322 Ether (at the time of writing $974,000) to cross-chain router protocol. And one of the affected users in a dramatic twist.

Despite this, the hacker kept 62 ETH ($187,000) as a “bug bounty”. While a total of (worth $1.6M) 528 ETH remains outstanding after the exploits.

Leave a Comment