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Is Ethereum In A Bear Market?
The Ethereum Descending Triangle Pattern is still playing out exactly as we predicted with the ETH price down more than -8% today alone. However, this Ethereum bearish sell-off seems to be far from over, and in the coming days, we expect to see more push to the downside!
Our bearish target for this Descending Triangle breakdown is the $1,364 price level. Ethereum is still not in this region yet, this means the sell-off might continue until our target is met.
We talked about this $1,364 bearish target in our previous analysis and why we believed the Altcoin price would sell off down to this level in the coming day’s ETH Previous Support Now New Resistance! What Next?
In this Ethereum price analysis, we will be breaking down what this move down might mean for the general Ethereum trend going forward.
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Is Ethereum In A Bear Market?
Ethereum has been in a bear market since the start of the year 2022. We have seen prices dump more than -60% so far.
This sell-off we are currently witnessing is just a continuation of that bear market after weeks of price consolidation during which we saw the Descending Triangle Pattern form in the 4-hour timeframe.
However, that price consolidation is over and Ethereum has resumed its push to the downside. We don’t know how far it would go but there is a very high probability that we might see the price get to our target of $1,364 before any bearish exhaustion or price reversal sets in
Final Verdict
We believe the Ethereum sell-off is far from over and in the coming days, we expect to see more push to the downside for the Altcoin price.
Our bearish target for this move is the standard Descending Triangle target. For Ethereum that would be the $1,364 price level. There is a very high probability that we might see the ETH price sell-off to this region in the coming days.
And from the current price, that is an additional -12% dump in the value of Ethereum.
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