The market expert has predicted three bullish targets for the Ethereum price, believing that it is only a matter of time before its present downtrend dissipates. Related Reading: Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish The analyst noted that Ethereum had reached a key support level, where a bounce from this threshold could trigger a surge to his projected targets marked by yellow lines on his price chart.
The analyst attributes this bearish outlook to the cryptocurrency’s recent price action and chart patterns. Related Reading: Ethereum Retests Symmetrical Triangle Pattern, Analyst Sets Next Target MadWhale shared an Ethereum price chart showing that the cryptocurrency is moving within a Descending Channel.
Currently, the cryptocurrency is hovering near the crucial $2,200 resistance, where a rejection could fuel further volatility and trigger a significant decline. Ethereum Price Set For $1,700 Crash In a recent technical analysis published by MadWhale, a TradingView crypto expert, the Ethereum price is projected to experience a severe price breakdown, declining by 13% to reach $1,700.
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