Ethereum Slumping But Founder Predicts ETH to Hit $166,000
Ethereum turned red yesterday and the trend will likely continue in the days ahead. Notably, ETH is turning around, switching to bearish from a key technical point. Looking at the ETHUSDT candlestick arrangement, the coin found rejection at the middle BB and around the $3,300 resistance level. This high coincides with the anchor bar of April 13, signaling bear trend continuation.
At press time, Ethereum is within a bear breakout formation. As it is, ETH is down 3% on the last day but stable, adding 6% in the previous trading week. For bulls to take over, there must be a rejection of attempts to push prices lower. This means the injection of strength and a spike in trading volume. For now, the average trading volume in the last 24 hours is $14 billion, up 30%. Since prices are dumping with rising volume, it may indicate the presence of sellers.
The leg up, propping prices, might be from positive news stemming from the following Ethereum news:
- Over 10 million active wallets are now connecting to Ethereum or any of its layer-2 platforms every week. This upsurge follows the recent activation of Dencun, highlighting the importance of the smart contracting platform amid stiff competition from cheap, high-throughput alternatives.
- Cathie Wood of Ark Invest is bullish on ETH’s prospects. In a recent conference, the founder said Ethereum would command a market cap of $20 trillion by 2032, placing the token at over $166,000.
Ethereum Price Analysis
Like Bitcoin and most altcoins, ETH/USD continues to slip lower.
Still, traders are hopeful of a turnaround.
For now, the path of least resistance is southwards, and the coin is trading within a bear breakout formation.
The April 13 bar leads and every high below $3,300 could offer entries for sellers targeting April 2024 lows of $3,000.
Any breakout, accompanied by swelling volumes, lifting ETH above $3,300 will invalidate this bearish outlook.
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