Ethereum About To Collapse Toward $1,000We are looking at Ethereum and things are not good, support is being challenged...
How are you feeling today my fellow Cryptocurrency enthusiast? I hope you are having a great Monday.
The week is just starting and we are looking at the weekly timeframe.
Ether (ETHUSDT) produced three weeks of green while challenging MA200 as support. The more often a support level is challenged, the weaker it becomes.
MA200 was challenged first in August and this produced a strong price bounce. But then it was challenged again in early September and then again and again, three consecutive weeks this level was challenged but it held as support.
Now, prices moved up but there is no bullish momentum. Prices moved up after MA200 was confirmed as support but there is no volume. So we are going to see another move down, another test of MA200 weekly and this time this level is very likely to break because of the major, long-term lower high.
Notice that Ethereum is in a major bearish trend, lower highs and lower lows. Once a support level breaks, the next major support area is tested to see if it holds. If it holds, we can see the end of the bearish move and the start of a new bullish move. If it breaks, we can see the continuation of the bearish move and lower prices.
The most relevant level below MA200 sits around $1,500 and $1,750, this is the next target. Now, if panic sets in and people start to sell en-mass, even lower prices become possible and this would activate the low $1,000 price range. We are talking about $1,000 and $1,200 or a wick below 1K.
This is a wait and see, but the market is bearish and moving down next.
Prepare for the crash.
The entire market will feel the force of this down-wave.
Hopefully, this will be the last crash of 2024 and the end of the corrective phase. After this move, we are set to experience long-term growth. The correction in November is sure to produce a higher low.
Namaste.
