Why Ethereum price could fall to $1,000
- Ethereum price has printed a large bearish candle on the 2-day chart.
- The volume profile has produced a classic ramping pattern.
- Invalidation of the bearish downtrend is a breach at 2,660.
Ethereum price displays a recently established bearish stronghold.
ETH price to $1,000
Ethereum price has printed a very lethal-looking bearish engulfing candle on the 2-day chart. The ETH price currently trades at $2,000, just above the previous candle's settling price. The bears could shock early buyers in the coming days as the price could continue south in freefall style towards $1400. If the technicals are correct, the Ethereum price could establish a countertrend rally before falling further into the $1,000 price level.
Ethereum price has seen a significant increase in bearish volume, which further confounds the idea of a $1,000 price target. The bears have printed a classic ramping pattern on the volume indicator, which can be used to forecast further drops in the future. If the technicals are correct, an opportunity to short the ETH price could present itself in the coming days.
ETH/USDT 2-Day Chart
Invalidation of the bearish downtrend is a breach at $2,660. If the bulls can breach this level, this bearish double zig-zag thesis will be deemed incorrect. The bulls could then aim for a $3,000 price target resulting in a 33% increase from the current Ethereum price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
