A confluence of at least three different bearish indicators appears on Ethereum’s multi-timeframe charts, suggesting that its ongoing bull run risks exhaustion.
Ethereum’s native token Ether (ETH) is at risk of falling below $3,200 in the coming sessions as its rally comes face-to-face with a strong resistance zone.
In detail, the price of Ether swelled by almost 22% on a month-to-date timeframe in the wake of a market-wide price rally. That pushed the second-largest cryptocurrency by market capitalization from under $3,000 to above $3,650 in the first eight days of October, triggering more bullish forecasts.
“Six thousand dollars will happen fast; $10,000 is programmed,” noted Twitter-based technical chartist Crypto Cactus. David Gokhshtein, CEO of distributed data network PAC Protocol, predicted a $10,000 upside target for Ether, as well.
But the price of Ether has the potential to ram into a confluence of three notable bearish indicators that could limit its upside moves and pare a portion of its recent gains.
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