Summary
- Cointelegraph reported that Ethereum could drop as low as $2,100 due to further corrections.
- It was stated that key chart patterns and seasonal weakness indicate the possibility of a short-term additional correction.
- It was reported that consecutive negative returns in the past two quarters and summer trading volume decline could put pressure on Ethereum's price.
An analysis suggests that Ethereum (ETH) could fall to as low as $2,100 due to further corrections.
On the 14th (local time), Cointelegraph reported, "After Ethereum hit a 15-week high of $2,879 on the 11th, it plummeted 15% the following day to $2,433. Given key chart patterns and seasonal weakness, there is a possibility of a short-term further correction."
Additionally, according to the outlet, Ethereum is currently forming an ascending channel pattern on its weekly chart. While this pattern usually indicates a moderate uptrend, a breakdown of support could lead to a sharp decline.
Cointelegraph also projected that Q3 seasonality will be a burden for Ethereum. The report noted Ethereum's average return in Q3 is only 0.88%, and it recorded consecutive negative returns of –24.19% and –13.64% in the previous two quarters.
As a result, the outlet predicted, "If the summer vacation season overlaps with a decline in trading volume, this quarter could also see lackluster movement, and Ethereum could fall into the $2,100~$2,200 range."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
