Ethereum The price has been losing momentum since failing to hold onto yearly highs of $2,400. The bulls tried hard to keep the price above $2,200. However, new bearish intervention forced the price to fall below these levels.
Moreover, crypto- markets entered an extremely downward trend in the short term. Therefore, it is believed that major tokens will trigger a decent pullback in the coming days.
As the price approaches November highs, is a rebound possible?
Additionally, investors remain optimistic about the upcoming trend. This causes a significant increase in buying pressure. However, in the long term, the price is trading in a bearish formation and is feared to fall sharply after reaching the top of the consolidation.
Peter Brandt, a popular analyst, referred to the bearish pattern. In this context, the price may witness a sharp decline and may even trade at a 3-digit level soon. suggests.
The chart above altcoin It shows that the price started to trade in an ascending triangle after obtaining the head and shoulders formation. Technically, the price is likely to trigger a subtle rise after reaching the top. However, the majority of the chart pattern fails to track the possibility of a downtrend.
Therefore, if Ethereum price confirms that it is trading within a rising wedge formation, it could result in a massive price decline. It is possible that this will cause the price to initially drop to $1000 and then drop to $650.