by Reza Ali
Ethereum coin stays below $2,000 prices this week and faces minimal signs of price recovery. Sellers hold a strong position over the crypto market that has pushed Ethereum prices downward since March 2023.
Expert traders using Elliott Wave Theory predict Ethereum prices will stay in downward mode across the upcoming period. A crypto analyst Behdark explains on TradingView how a classic ABC correction pattern implies Ethereum markets will stay down long-term.
ABC Correction Pattern Signals Further Decline
The crypto analyst behdark observes Ethereum markets now experience an extended price dip from their latest correction phase. Experts count Elliott Waves to show that Ethereum spent three-and-a-half years making an ABC price correction since November 2021.
Wave C bottom reversals make three distinct movements in markets. The first dip Wave A leads to Wave B bounce followed by Wave C descent. C waves usually drop deeper than A waves.
The Ethereum price drop through the $2500 support line showed Wave B probably finished or is close to ending based on latest data. Experts predict that Wave C will start next because its ongoing bearish market trend still continues. According to Behdark’s analysis Wave C will last longer than Wave A during its descent toward a major demand zone between $760 and $530.
The research shows Ethereum will likely find buyers at two important support sections. The bottom of the first buying area exists between $1,350 and $1,080. The market may experience buying momentum which stops Wave C and ends the downward trend.
Can Ethereum Break $2,941 to Reverse Losses?
The crypto market may slide into deeper falling phases with prices reaching between $760 and $530 should Ethereum not hold its current support position. After hitting these bottom levels investors could buy Ether with better chances to profit during future upside movements.
Although the outlook is mostly poor the analyst detected a crucial support stop at $2,941. The bearish outlook for Ethereum will end if the daily price breaks out of $2,941 and sticks at that level.
According to trading reports Ethereum currently stands at 1,930 US dollars. Ethereum faces very low chances of surpassing $2,941 based on recent market action and price stability.
Investors and traders will follow Ethereum’s trends over weeks to find out if prices will drop further or if market participants lose their negative feelings. Ethereum stays in a long-lasting bear market period which affects investors while important buying locations help predict future price action.
The market may push Ethereum’s price down further to $760-$530 if investors cannot defend $1,350. The chances of this forecast remain weak until Ethereum breaks above $2,941. Ethereum faces ongoing market challenges with no clear sign of market improvement soon.
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