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Analyst TraderKoz said in his analysis that he shared on Ethereum that Ethereum could see a decrease. The analyst cited this as the reason why ETH reached its highest price level and failed to rise after that point.
Cryptocurrency analyst TraderKoz shared that he expects Ethereum’s price to drop due to its failure to break out of its highest levels in the $ 470 – $ 490 range in the summer. The price of Ethereum could drop to the $ 380-390 level, according to the analyst. TraderKoz pointed to the chart he shared on Twitter and wrote:
“I wouldn’t be surprised if we see something similar on Ethereum. As you know, Ethereum loves to cheat with triangular formations. “
The analyst shared another chart, saying:
“I don’t know how to say it, but it seems to me that Ethereum has reached its peak.”
Although the chart shows that ETH is above the support point, ETH has touched the region shown in red twice this year, but has failed to rise in both. Therefore, TraderKoz said it believes Ethereum will see a withdrawal.
According to Bitcoinist’s Nick Chong analysis, although Ethereum continues to quote slightly below its highest level in 2020, a decline can be seen. However, Ethereum’s decline in the $ 380-390 range will be an indication of a retracement of at least 16.5%, according to Chong. Chong also said experts are concerned about the possibility of a stronger retracement in the coming days.
Latest situation in the price of Ethereum
CoinGecko shows that the current price of Ethereum (ETH) is $ 463. Ethereum has increased by 0.5% in the past 24 hours, while it has risen by 11.7% in the past 7 days. The lowest and highest levels of the last week were $ 435 and $ 463.
