Ethereum price performance Disappointing for most of Mayas the Bears seemed to be in complete control. It doesn’t look like much will change for the ‘king of altcoins’ in the new month, which seems to be just a continuation of the established downtrend. According to a popular analyst on social media platform
Is ETH price stuck in a descending channel?
Cryptocurrency analyst Burak Kesmisi took to the X platform to do just that Share His forecast for the price of Ethereum in the coming days. A market expert posited that the second-largest cryptocurrency could fall towards the $1,822-$1,850 range if it fails to break the $2,033 resistance level in the next few days.
This bearish outlook is based on the fact that sellers have been in a dominant position in the short term and for most of the past month. This dominance is evident in the formation of a bearish channel on the four-hour time frame of the Ethereum price chart.
A bearish channel is a technical analysis chart pattern characterized by two main trend lines: the upper boundary connecting lower highs and the lower line connecting lower lows. This chart formation is often associated with a bearish structure, where the upper trend line acts as resistance and the lower border as a price floor.
Source: @burak_kesmeci on X
According to Kesmeci, Ethereum price continuation within the downward channel and weak price momentum indicate that a downward move is incoming. The cryptocurrency analyst highlighted that ETH could fall to the $1,822-$1,850 range, as long as the overall resistance at the upper bound at $2,033 (Fibonacci 0.5) holds.
However, there is also a scenario on the other side where the price… Ethereum may explode About $2,400 if the $2,033 resistance level is breached. However, a decline towards the $1,850 area looks more likely, especially given the current demand conditions.
Ethereum ETFs recorded $241 million in outflows over the past week
This dwindling demand in the Ethereum market is evident in rising ETF outflows, which rose to more than $241 million over the past week. Last week’s record marks the third straight week of significant net outflows to ETH spot exchange-traded funds.
Ethereum’s price action over the past three weeks has been a fair reflection of this pessimistic market condition. According to CoinGecko data, the second-largest cryptocurrency has lost nearly 15% of its value in the past three weeks.
As of this writing, the price of ETH is around $2,023, with no significant change over the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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