Ethereum on a shaky soil, because top traders become Bärisch

The central theses

• Ethereum has had a hard week so far and lost almost 300 points in market value.
• Although the ETH is again over $ 3,000, it remains on shaky floors.
• The renowned analyst Peter Brandt believes that the ETH could dive towards $ 2,000.

Ethereum broke a critical support barrier, which exposes its price to a strong decline.

Ethereum prepared for further losses

Ethereum could be due for a further decline.

ETH after the opening on Monday, along with other digital assets and traditional markets, had to accept a dive of 16%. The second largest cryptocurrency after market capitalization fell from a daily high of $ 3,346 to a low of USD $ 2.805.

In view of the extent of the downturn, the commercial veteran Peter Brandt emphasized the possibility that a head and school pattern was created on Ethereum's daily chart. The Bärische Technical Formation has been developing as a direct result of ETH prize campaign since the beginning of May.

After Ethereum has now fallen below the head and shoulder cut-out line at $ 3,000, the chances for a steeper correction speak.

Peter Brandt Tweet

Another sales pressure around the current price level could push the price from ETH by a further 25% to $ 2,250.

This goal is determined by measuring the height between the head and excerpt of the pattern and this distance is added up from the outbreak point.

Wale Sell

The behavioral analysis platform Santiment shows that whales spend money while Ethereum is on weak support.

The number of addresses with 100,000 to 1,000,000 ETH has decreased by more than 3.3% since September 17. Since then, about five whales have left the network or redistributed their token, which makes the pessimistic view that Brandt explained even more credible.

On-Chain data shows that a large number of addresses have acquired a considerable amount of Ethereum for $ 3,500. If ETH succeeds in regaining this level of resistance as support, it could have the strength to invalidate the pessimistic scenario.

Under such unique circumstances, ETH would probably increase in order to test its all-time high from USD from USD from USA.