Ethereum’s ‘Ascending Triangle’ Could Trap its Price Below US$1k

Ethereum might soon lose its US$1k support after BTC prices dramatically decline

Ethereum investors are in huge trouble as the crypto's prices continue to fall with the declining prices of Bitcoin. The Ethereum price grew considerably back in 2021, with its value revolving around US$4,000. But during the crypto market meltdown, its value dropped down to US$2k and dramatically continued to fall with the several downturns that the crypto market faced. Recently, Bitcoin fell considerably and took down Ethereum with it. BTC, for the second time, fell below the US$20k and now ETH is looking towards an uncertain future. Experts believe that the crypto might soon lose its US$1,000 support range, which might eventually lead Ether to decline to a three-figure price value. Currently, the ETH price is not revealing signs of a robust price rally, despite the fact that its developers are on the verge of launching the ETH 2.0 upgrade. Besides, the delay in the Ethereum Merge upgrade is also one of the major reasons catalysts that have triggered a massive sell-off for the crypto.

The Ethereum price has suffered, both due to technical, economical, and geopolitical crises. To make things worse, ETH continues to follow the footsteps of Bitcoin and the broader crypto market continues to follow the footsteps of the global stock markets. Besides, the stress from Russia's attack on Ukraine has also drastically affected its price.  Furthermore, the current update about the crypto hedge fund Three Arrows Capital plummeting into liquidation has also triggered selling pressures on crypto investors. According to reports, this news has led the ETH price to plummet as low as US$1,200. Analysts expected the token to at least maintain its US$1,500 mark, failing to acquire this resistance might lead ETH to slide below the US$1,000.

Where is the Ethereum price headed?

As per crypto price analysis by experts and key indicators, the Ethereum price is about to form an 'ascending triangle' pattern. In crypto terms, these ascending triangle patterns are the continuing bearish price patterns that occur after a sharp decline in price. Hence, if Ether breaks out of an ascending triangle pattern, it would indicate that its prices have fallen further below. The crypto has been trading inside the ascending triangle pattern since the second week of June. As a result, according to predictions, by the beginning of Q3, the Ethereum price will range between US$700 to US$800.

The Merge upgrade was supposed to create excitement and anticipation around the crypto, which should have eventually supported its price action in the market. Instead, analysts and experts anticipate and fear that its launch might become another failure like LUNA 2.0, not just because of its volatility and weak price slopes, but also due to the fact that investors are slowly losing their appetite to stay in the crypto market. Most of them are fleeing before being exposed to greater risks of financial losses. Even institutional investors are limiting their exposure to the crypto market, especially from major cryptocurrencies like Ethereum and Bitcoin due to their extreme volatility.

Is this the right time to buy the dip?

Based on the predictions by the analysts, Ethereum is at its most volatile and unpredictable stage right now, hence, they are currently suggesting that investors should definitely stay away from investing in the crypto market. Despite all shreds of evidence support against investing in the crypto, ETH believers and whales continue to hoard the crypto and are buying the dip as soon as possible. Ethereum is still one of the largest cryptocurrencies in the market and its market dominance is still intact. Since, its inception, ETH has demonstrated the new and improved potential for connecting the crypto market with businesses and private individuals in the world, and its network is also one of the first to introduce the smart contract facility. If investors wish to buy cryptocurrency, they should definitely consult with their financial advisors before treading into the volatile market. But if they do not wish to risk their funds, then following the trend might not be the right move.