A crypto strategist who nailed the top of the Bitcoin bull market in 2021 is warning Ethereum holders, saying that ETH may witness important draw back danger.
Pseudonymous analyst Pentoshi tells his 677,100 Twitter followers that bearish momentum may go to the subsequent degree for Ethereum if it trades under a key assist degree.
“Beneath the grey space COULD get ugly. I’ll discuss a protracted down there with a good cease. It’s a pleasant spot for some quick to mid time period invalidation for longs. If we begin to shut, under it’s a simple out and a paper reduce.”
Pentoshi’s chart, he seems to be referring to assist round $1,480. At time of writing, Ethereum is price $1,576.
Fellow analyst Good Contracter can also be bearish on Ethereum. In accordance with the crypto dealer, Ethereum has taken out the diagonal assist of a bearish continuation sample.
“Bear flag construction breaking down on ETH.”
Wanting on the analyst’s chart, he seems to be predicting a transfer down for Ethereum towards the $1,480 value degree.
As for Bitcoin (BTC), Pentoshi believes that the king crypto is just not but carried out correcting. In accordance with the crypto strategist, he sees BTC going all the best way right down to $21,500 earlier than bulls may mount a small bounce.
“I’d like to see this and could be desirous to play it for a bounce.”
At time of writing, Bitcoin is buying and selling for $22,490.
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