While Ether (ETH) seems to be recovering recently from its fall, forecasts announce a gloomy scenario for the ETH / BTC pair. According to some technical analysis indicators, the price of the Ethereum token could fall 20% from its current value in the coming days.
The price of ether may go down
A bearish flag has been emerging for the past month for the ETH / BTC pair. This technical configuration is generally structured after a bearish impulse, when the price changes in the parallel zone that forms the support line and the resistance line. It consolidates after the lower line break and indicates that the market will reproduce the same declining amplitude as it did at the beginning of the fall.
In this case, that pattern suggests that ether will trade against bitcoin (BTC) in the future less than today. He predicted a fall in its price to about 0.0439 BTC. This equates to a 20% drop compared to the price recorded at the time of writing this article.
However, this prediction should be taken with a pinch of salt, because the probability of bearish flags being around 67% in terms of achieving profit targets is about 67%.
Is the ETH / BTC pair in mortal danger?
Another approach predicts a less bright horizon for the ether. According to Pentoshi analysts, ETH will begin a descent into hell towards a price of about 0.036 BTC. That’s a 10% drop from what was previously announced.
These depreciation projections do not take into account the potential revival of ether-focused investment funds. The latter would have raised almost $ 7.6 million last week. Indeed, these contributions reflect a sense of confidence in the market, no doubt attributable to The Merge’s updated deployment on the ground. mainnet of Ethereum.
Source: Cointelegraph
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Junie MAFFOCK
I came across a blockchain out of curiosity and stayed with it out of passion. I was amazed at the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.
