A closely followed crypto strategist and trader, Ethereum He warned that (ETH) and two other altcoin prices are yet to correct.
Analyst Justin Bennett claimed to his 101,300 Twitter followers that Ethereum may be trading in a descending channel, which could create further downside for the leading smart contract platform.
“Spurious moves on one side of the pattern often trigger extended moves in the opposite direction. ETH is a perfect example of this. On June 15, we saw a fake move above $1,200 and today there was a spike. $900 and $780 are currently acting as supports. Ethereum will likely prefer the latter.”
At the time of writing, Ethereum was hovering around $1,078, down 6.66% compared to the previous day.
Next up is a protocol that aims to connect multiple blockchains into a single unified network. polkadot is located. According to Bennett, the DOT may have broken out of a symmetrical triangle pattern and is heading towards its bearish target of $5.
“DOT has resistance in the $7 range. According to the target measured from the last triangle, there is still $5 unmet.”
At the time of writing, the DOT was worth $7.45, down 8.85% from the previous day.
The latest altcoin on traders’ radar, the decentralized oracle network that Bennett says looks poised for a fresh dip after breaching its cross support on lower timeframes chainlink it happened.
“LINK is heading towards $4.60.”
At the time of writing, Chainlink was trading at $6.62, down 10.28% compared to the previous day.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.