Main navigation

Ethereum (ETH) Risks Dropping to $1,000, Analyst Says, Suggesting Reasons

Mon, 08/21/2023 - 09:15
article image
Yuri Molchan
Prominent crypto analyst shares his take on further direction that Ethereum price may take in near future
Ethereum (ETH) Risks Dropping to $1,000, Analyst Says, Suggesting Reasons
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Crypto trader and analyst Ali Martinez, who often shares his predictions and crypto charts on Twitter (now X app) has tweeted that he expects the second largest cryptocurrency Ethereum to face a risk of a heavy price correction.

Ethereum is currently experiencing a price decline, feeling the impact of the leading crypto Bitcoin, which is also trading in the red after a significant price drop.

Ethereum may face dropping to $1,000, Martinez believes

Ali Martinez has tweeted to share a screenshot of an ETH/USD chart from the Coinbase exchange with what looks like an Ascending Triangle pattern. Usually, it signifies the continuation of an upward trend. However, sometimes, it can indicate an upcoming reverse of the price movement.

Pre-Mine Ethereum Whale Wakes Up After 8 Years of Silence

Martinez believes that should ETH slip under the $1,600-$1,550 level, this may create conditions for the further decline of the coin by a whopping 37%-45% correction with $1,000 as the main target.

Ethereum signals bearish trend

In an earlier tweet, Martinez also spoke of negative prospects for the Ethereum price in the near future. He tweeted that since the fundamentals of the network are still pretty weak, this signals a bearish trend coming.

In particular, the average amount of monthly active Ethereum wallets has dropped earlier than the yearly average. This shows small on-chain activity on the network. The analyst added that this is a typical sign of "weak network health and usage."

ETH trading sideways

Ethereum has been declining stably since Aug. 9, but for a week it declined slowly and gradually. However, since Aug. 17, it lost a whole 9.72%, dropping from $1,800 to the $1,625 low.

On the same day, ETH staged a recovery of 4.33% in a single green candle. Since then it has been trading in a range, with the resistance being the $1,694 level and the support staying at $1,664.

At the time of this writing, Ethereum is changing hands at $1,671.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at