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Ethereum Price Prediction: As the sell-off continues, anticipate more pain for ETH
If the bulls do not intervene, the price of Ethereum may continue to fall toward $2,297.
The momentum of the second-largest cryptocurrency by market value has waned.
ETH is expected to consolidate inside the current chart pattern until purchase orders grow.
The current chart pattern’s bearish target of $2,353 has been exceeded by the price of Ethereum. ETH has marginally recovered, but it is having problems finding a stable line of support to avoid further collapse.
The price of Ethereum surpassed the bearish’ objective
On the 12-hour chart, Ethereum price has cut below the lower border of the falling parallel channel, achieving the pessimistic objective forecast by the prevailing chart pattern at $2,353.
While the Ethereum price has sought to reverse the period of underperformance, ETH may continue to fall within the lower parallel channel if the bulls are unable to drive prices higher.
If a catastrophic sell-off occurs, Ethereum price might drop to the negative trend line of the lower parallel channel at $2,297 before descending to the 127.2 percent Fibonacci extension mark at $2,004.
