The falling Ethereum price is suggesting bulls to throw in the towel and step aside for a while. Even though ETH fans may hate to admit it, it looks like the developments in the last two weeks have made the coin vulnerable to a 15-20% further price drop. Furthermore, with the macro-market sell-off, it will be difficult for the coin to emerge in the near future as an independent bullish asset.
Investors and traders need to be vigilant to notice the confirmation of a ‘sell’ setup as described above. With the confirmation, the price may likely crash to the key support level of $1500, bringing large losses in Ethereum investments. However, if the price fails in following-through and converge back above the critical support trendline, the bulls may retain the upper hand for a few more days.
Andrew Watson
- 2023-05-11
Ethereum Price at Risk of 15-20% Dip
Ethereum is facing the possibility of a 15-20% drop in price due to recent weak developments. With the wider market sell-off, it will be difficult for the coin to regain some of its previous bullishness.
