Ethereum price had tested $2,800 level in the recent days before managing to bounce back towards $2,950. The Ethereum bulls were quick enough to push the price back at $3,000 level.
Hence the surge in buying activity has pushed the price above the $3,000 range. However, today though the currency is signaling green, it has yet again lost $3,000 mark.
At the press time, Ethereum is changing hands at $2,980 with an uptrend of 4.23% in the last 24hrs.
Ethereum To See More Correction
A closely observed crypto analyst & strategist, Justin Bennett is of the opinion that Ethereum price will further face a downfall before taking off towards new all-time high.
In a new video, Justin Bennett says to his 100,000 Twitter followers that the Crypto market should go little further until it drops to see a true bottom.
Also he asserts that he is expecting Ethereum to hit bottom with the diagonal support of its ascending channel.
“If you’re a bear like me, then you’re looking for a close below $2,950. I do want to clarify that over the next couple of weeks I am bearish. However, I do want to buy at my short-term target for Ethereum.
That target for this market is going to be right between $2,500 and $2,600. The reason for that is, first of all, we have these lows back here (March 2020), so that’s pretty obvious… That’s going to be supported. We also have the bottom of this ascending channel that also comes in around that same area.”
The analyst is having a close look at TOTAL and this TOTAL puts the market cap of all cryptocurrencies on one chart. Hence, according to Bennett, TOTAL has also broken a support level in terms of technical analysis.
This breakthrough indicates that there is a chance that the cryptocurrency market will face more correction in the coming days.
“It doesn’t get much cleaner than this. TOTAL.”
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Source: https://coinpedia.org/ethereum/ethereum-to-plunge-hard-eth-price-might-drop-to-this-level/