{"id":413041,"date":"2022-03-07T18:13:47","date_gmt":"2022-03-07T15:13:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-risks-crashing-under-2k-as-eth-paints-bearish-symmetrical-triangle-analyst\/"},"modified":"2022-03-07T18:13:47","modified_gmt":"2022-03-07T15:13:47","slug":"ethereum-risks-crashing-under-2k-as-eth-paints-bearish-symmetrical-triangle-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-risks-crashing-under-2k-as-eth-paints-bearish-symmetrical-triangle-analyst\/","title":{"rendered":"# Ethereum risks crashing under $2K as ETH paints bearish &#8216;symmetrical triangle&#8217; \u2014 analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a304502626a4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a304502626a4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-risks-crashing-under-2k-as-eth-paints-bearish-symmetrical-triangle-analyst\/#%E2%80%9D_Ethereum_risks_crashing_under_2K_as_ETH_paints_bearish_%E2%80%98symmetrical_triangle_%E2%80%94_analyst_%E2%80%9C\" >&#8221; Ethereum risks crashing under $2K as ETH paints bearish &#8216;symmetrical triangle&#8217; \u2014 analyst &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-risks-crashing-under-2k-as-eth-paints-bearish-symmetrical-triangle-analyst\/#Ether_paints_a_classic_bearish_continuation_setup\" >Ether paints a classic bearish continuation setup<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-risks-crashing-under-2k-as-eth-paints-bearish-symmetrical-triangle-analyst\/#ETH_accumulation_continues\" >ETH accumulation continues<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ethereum_risks_crashing_under_2K_as_ETH_paints_bearish_%E2%80%98symmetrical_triangle_%E2%80%94_analyst_%E2%80%9C\"><\/span>&#8221; Ethereum risks crashing under $2K as ETH paints bearish &#8216;symmetrical triangle&#8217; \u2014 analyst &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>Ethereum&#8217;s native token Ether (ETH) will likely fall below $2,000, according to one popular market analyst.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ether_paints_a_classic_bearish_continuation_setup\"><\/span>Ether paints a classic bearish continuation setup<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Pseudonymous market analyst Wolf <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IamCryptoWolf\/status\/1500774394460782592\">shared<\/a> the downside outlook on\u00a0March 7 as Ether&#8217;s price rebounded by over 3% to nearly $2,650, a day after testing its upward sloping trendline near $2,500. <\/p>\n<p>Ignoring the intraday upside reversal, Wolf anticipated the Ether&#8217;s decline to continue further.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/63f8655a-3937-4ce9-aaa8-7433578bcad9.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>At the core of Wolf&#8217;s analogy was a &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/ethereum-blockchain-technology-crypto-cryptocurrency-ether-eth-vitalik-buterin-markets-2022-3\">symmetrical triangle,&#8221; a classic technical analysis pattern<\/a> that forms when the price fluctuates between two converging trendlines. <\/p>\n<p>In a &#8220;perfect&#8221; scenario, the price breaks out of the triangle range in the direction of its previous trend. For the same reason, many analysts call symmetrical triangles a continuation pattern.<\/p>\n<p>Ether has been bouncing inside a symmetrical triangle pattern since the beginning of this year. ETH\u00a0had fallen by more than 50% after topping out in November 2021 at above $4,850. As a result of the &#8220;continuation&#8221; rule, ETH&#8217;s triangle pattern <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be skewed toward the bears.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/9678e3af-82b2-49c9-9166-28dac48844bc.jpeg\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring symmetrical triangle setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In other words, the price can fall by as much as the maximum distance between the triangle&#8217;s upper and lower trendline after breaking out of the pattern. <\/p>\n<p>As a result, Ether&#8217;s decisive move below the Triangle support \u2014 if accompanied by a spike in volume \u2014 could have it test levels below $2,000 as the next downside target.<\/p>\n<p>&#8220;Bulls will try to defend long time diagonal, bears will try to push price to $1.8 thousand\u20131.9 thousand,&#8221; Wolf wrote.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_accumulation_continues\"><\/span>ETH accumulation continues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Wolf&#8217;s bearish outlook for Ether came despite a recent uptick in ETH&#8217;s accumulation by its richest investors.<\/p>\n<p>Ethereum addresses, which hold between 1 million and 10 million Ether, have accumulated 2.2% of the total ETH supply minted in the past six months, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1500747710818754561\">according<\/a> to data from Santiment.\u00a0Moreover, the buying spree coincided with ETH&#8217;s price correction, suggesting they had been buying the dip.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/8d1c9a51-81fd-4ad6-b4b8-17f88f180263.jpeg\"><figcaption style=\"text-align: center;\"><em>Ethereum supply distribution. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>Retail traders also entered the Ethereum market during the recent Ether price correction, according to data from Glassnode. For instance, the number of Ethereum addresses that hold at least 0.1 ETH reached an all-time high of 6.972 million on March 7. Similarly, addresses with a minimum balance of 0.01 ETH also climbed to a record high of 21.8 million.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/f278c82b-df81-47bd-a3e6-d8a070fb3d7e.png\"><figcaption style=\"text-align: center;\"><em>Ethereum number of addresses with balance of at least 0.1 ETH. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>On the flip side, the number of addresses holding at least 1 ETH reached an all-time high of 1.42 million on Feb. 10, but has since decreased to 1.41 million.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Whales&#8217; stablecoin buying power grew over 7% in one month: Here&#8217;s what it means<\/em><\/strong><\/p>\n<p>But many analysts remain bullish on Ether, citing the upcoming transition to proof-of-stake from proof-of-work this year. For instance, Marcus Sotiriou,\u00a0GlobalBlock market analyst, noted that upgrade would\u00a0have a &#8220;positive impact&#8221; on Ether&#8217;s price in the long term.<\/p>\n<p>&#8220;This is because it should dramatically reduce the cost of transactions on the ethereum network, which is currently Ethereum&#8217;s main drawback,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/ethereum-blockchain-technology-crypto-cryptocurrency-ether-eth-vitalik-buterin-markets-2022-3\">told<\/a> Business Insider.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Ether paints a classic bearish continuation setup Pseudonymous market analyst Wolf shared the downside outlook on\u00a0March 7 as Ether&#8217;s price rebounded by over 3%&#8230;<\/p>\n","protected":false},"author":1,"featured_media":413042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvYjg0NDRjZDktYTAwYS00YTQzLTg1NTctYTU2ZTE3NGRiZWFkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88119,79806,81262,82402,74891,75326,74938,74939,75679,75164,74876,75578,78261,73711,73785,71407],"class_list":["post-413041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin-watch","tag-analysis","tag-cryptomarket","tag-ether-price","tag-ethereum","tag-ethereum-2-0","tag-ethereum-price","tag-market-analysis","tag-market-capitalization","tag-price-analysis","tag-proof-of-stake","tag-proof-of-work","tag-tech-analysis","tag-investments","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/413041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=413041"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/413041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/413042"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=413041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=413041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=413041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}