Summary
- It was reported that the price of Ethereum could fall to $990.
- The current price movement of Ethereum is similar to past fractal patterns, indicating a possibility of further decline.
- Since the RSI has not entered the oversold zone, a further decline to the $990 to $1,240 range is expected.
There is a forecast that Ethereum (ETH) could fall further to the $990 level.
On the 8th (local time), the cryptocurrency-focused media outlet CoinTelegraph reported, "The current price movement of ETH is very similar to the fractal patterns seen in 2018 and 2022," and "At that time, ETH plummeted after a strong rise and then experienced a long bear market. While the price peak increased, the Relative Strength Index (RSI) peak formed a 'bearish divergence' by decreasing, and then it broke through major support levels and underwent a significant correction."
Furthermore, "Generally, the cycle bottom forms after the RSI enters the oversold zone (below 30)," and "Currently, the ETH/USD weekly RSI is above 30, so there is still a possibility of further decline. In this case, ETH could fall to the $990 to $1,240 range," it added.
Meanwhile, ETH is trading at $1,467.43, down 5.12% from the previous day, based on the Binance Tether (USDT) market as of 5 AM on the 9th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
