Massive Ethereum Plunge on the Horizon, ETH Price to Hit $1520 Next Week!
Ethereum price from more than a week is heavily consolidating just above $1900 levels but interestingly below $2150. The squeezed consolidation currently appears pretty bullish but in a couple of days could result in a massive price drain. ETH price is on a brink of an explosion but woefully, this move may reversely impact the price, to end May’s trade on a bearish note.
Ever since the ETH price has lost the $3,500 levels, it has constantly lowered the support and resistance levels. And hence the heavily descending trend is said to be continued throughout this month as assets are primed to record a 14-month low very soon. As per an analyst, the prices are about to plunge hard below $2000 to hit close to $1500 in the upcoming week.
#Ethereum could consolidate between $2060-$2150, and if we see bearish reversal patterns inside these Fibonacci levels, it can drop to $1520 next week. — Bitcoinsensus (@Bitcoinsensus) May 20, 2022
The recent crash has hampered the rally to a large extent and hence the FIB levels indicate Ethereum to be in a decisive phase. The current consolidation between 0.2 FIB levels and 0.3 FIB levels which is around $2150 and $2060 is expected to be extended until the assets take up a call. In case of a bearish movement, the ETH price is primed to reach the lower FIB levels around $1500 as predicted by the analyst.
Additionally, due to the bearish markets, the number of addresses in loss has peaked at a 2-year high to the levels of the March 2020 crash. However, the Ethereum Merger date is now fixed in June and currently, the process has been set for testing. And hence one can expect ease in the market conditions after the merger as the PoW & PoS merger is the much-awaited event focused to curb the rising gas fees. Therefore, after undergoing a brutal slash by the end of May, ETH prices are expected to ignite a bullish month later.Source