Ethereum Price Prediction: losing two crucial support of ascending trendline and $1220, the Ethereum price is poised for a significant downfall. Though the local support of $1160 has currently halted the further losses, a minor pullback to $1220 flipped resistance should replenish the selling momentum. Thus, how far the potential downfall may lead to the ETH price?
Key points:
A potential bullish pullback may surge ETH price 4% before the next bear cycle hits.
The ADX indicator starting to rise signal the growing bearish momentum
The intraday trading volume in Ether is $3.1 Billion, indicating a 52% loss
Source- Tradingview
The last recovery cycle in the Ethereum price was shaped into a rising wedge pattern. In theory, the price action resonating between two converging trendlines indicates the gradual decreasing bullish momentum.
Thus, the ETH price witnessed a significant outflow due to the influence of this bearish pattern and the recent sell-off in the crypto market. Moreover, the
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