Analyst Issues Warning About Ethereum
Pentoshi, a well-known crypto strategist, has earned a reputation for accurately predicting market trends in the past.
However, his recent warning about Ethereum may come as a surprise to some of its holders. According to Pentoshi, ETH could be facing significant downside risk. If it trades below a crucial support level, bearish momentum could go to the next level.
This warning has left many Ethereum investors worried as they look to protect their investments in a market that is becoming increasingly volatile. Pentoshi advises traders to look for a long with a tight stop if the altcoin trades below the gray area, which could be an excellent spot for short to mid-term invalidation for longs. He notes that if Ethereum starts to close below this level, it’s an “easy out”.
https://twitter.com/Pentosh1/status/1631740388536115200
In his chart, Pentoshi appears to be referring to support around the $1,480 mark, which is just below the current price of Ethereum, around $1,560. While some analysts may disagree with Pentoshi’s bearish outlook, the fact that he has been correct in his predictions in the past cannot be ignored.
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Another analyst, Smart Contracter, is also bearish on Ethereum. He believes that ETH has taken out the diagonal support of a bearish continuation pattern, which could result in a move down toward the $1,480 price level.
While Ethereum may be facing some challenges, Bitcoin is not yet done correcting, according to Pentoshi. He predicts that Bitcoin could go down to $21,500 before bulls mount a small bounce. This could provide traders an excellent opportunity to play for a bounce. Still, it’s essential to keep an eye on the market and adjust their strategies accordingly.
https://twitter.com/Pentosh1/status/1631739350856904704
In conclusion, while Pentoshi’s warning about Ethereum may seem alarming, it’s important to remember that the crypto market is highly volatile, and it’s always wise to exercise caution when investing. Traders should keep an eye on the market and take advantage of any opportunities that arise while minimizing their risk exposure.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
