{"id":414693,"date":"2024-08-16T00:30:50","date_gmt":"2024-08-15T19:00:50","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=414693"},"modified":"2024-08-15T15:07:25","modified_gmt":"2024-08-15T09:37:25","slug":"ethereum-major-crash-coming-why-eth-can-drop-to-1652-per-analyst","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-major-crash-coming-why-eth-can-drop-to-1652-per-analyst\/","title":{"rendered":"Ethereum: Major crash coming? Why ETH can drop to $1652, per analyst"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Ethereum faces headwinds after a bearish breakout below the 5-month rectangle pattern.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">ETH has held onto the crucial support at $2,611, but the short-term sentiment remained bearish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The positive U.S. Consumer Price Index (CPI) data released on the 14th of August turned out to be a sell-the-news event, causing most cryptos to trade in the red.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Inasmuch, the largest altcoin, <\/span><a href=\"https:\/\/ambcrypto.com\/jump-tradings-46m-eth-sale-sparks-debate-going-to-age-poorly\/\"><span style=\"font-weight: 400;\">Ethereum (ETH)<\/span><\/a><span style=\"font-weight: 400;\"> is down by 4% in 24 hours to trade at $2,622 at the time of writing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Analyst <\/span><a href=\"https:\/\/x.com\/PeterLBrandt\/status\/1823728741983326300\"><span style=\"font-weight: 400;\">Peter Brandt<\/span><\/a><span style=\"font-weight: 400;\"> believed that ETH was headed for further headwinds after completing a five-month rectangle pattern on the 4th of August. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">ETH&#8217;s price was range-bound during the five months, before a bearish breakout that saw it form a key resistance at $2,933.\u00a0<\/span><\/p>\n<figure id=\"attachment_414700\" aria-describedby=\"caption-attachment-414700\" style=\"width: 1345px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x.png\"><img decoding=\"async\" class=\"size-full wp-image-414700\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x.png\" alt=\"\" width=\"1345\" height=\"682\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x.png 1345w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x-300x152.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x-1024x519.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x-768x389.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-x-1200x608.png 1200w\" sizes=\"(max-width: 1345px) 100vw, 1345px\" \/><\/a><figcaption id=\"caption-attachment-414700\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">ETH attempted to rally past this resistance on the 14th of August, but failed. The rising wedge pattern on the intraday chart also showed weakening momentum and a potential bearish reversal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With these bearish indicators in play, Brandt predicted a drop to $1,652. The analyst has since created a short position targeting this drop. He added that the bearish thesis will be invalidated if ETH moves above $2,961.\u00a0<\/span><\/p>\n<h2><strong>Big drop ahead for Ethereum?\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Technical indicators indicated a short-term bearish thesis around ETH. The Chaikin Money Flow (CMF) was at -0.09 showing selling pressure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CMF has also remained flat, suggesting a lack of market confidence in ETH and a reluctance by buyers to open new positions.\u00a0<\/span><\/p>\n<figure id=\"attachment_414699\" aria-describedby=\"caption-attachment-414699\" style=\"width: 1721px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3.png\"><img decoding=\"async\" class=\"size-full wp-image-414699\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3.png\" alt=\"\" width=\"1721\" height=\"802\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3.png 1721w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3-1024x477.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3-768x358.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3-1536x716.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-tv-3-1200x559.png 1200w\" sizes=\"(max-width: 1721px) 100vw, 1721px\" \/><\/a><figcaption id=\"caption-attachment-414699\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Bollinger bands have widened, showing rising volatility during the downtrend. The price has dropped from the upper band to the lower band over the past day, with this move indicating a sharp bearish reversal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ethereum was holding a crucial support level at $2,611. If it fails, it might register a drop to the 1.618 Fibonacci level ($2,521).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Levels between $2,614 and $2,800 were crucial as a large number of addresses that bought at these prices were \u201cAt the Money.\u201d at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Dropping below risks additional selling pressure if traders choose to sell and minimize their losses.\u00a0<\/span><\/p>\n<figure id=\"attachment_414698\" aria-describedby=\"caption-attachment-414698\" style=\"width: 1729px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1.png\"><img decoding=\"async\" class=\"size-full wp-image-414698\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1.png\" alt=\"\" width=\"1729\" height=\"447\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1.png 1729w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1-300x78.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1-1024x265.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1-768x199.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1-1536x397.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-intotheblock-1-1200x310.png 1200w\" sizes=\"(max-width: 1729px) 100vw, 1729px\" \/><\/a><figcaption id=\"caption-attachment-414698\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A further look at the Futures market indicated that traders were betting against ETH. The Long\/Short Ratio was at 0.90 at press time, suggesting that more traders were taking short positions and abandoning long positions.<\/span><\/p>\n<figure id=\"attachment_414697\" aria-describedby=\"caption-attachment-414697\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5.png\"><img decoding=\"async\" class=\"size-full wp-image-414697\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5.png\" alt=\"\" width=\"1800\" height=\"544\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5-300x91.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5-1024x309.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5-768x232.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5-1536x464.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/mary-coinglass-5-1200x363.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-414697\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The other indication that Futures traders are less convinced about ETH\u2019s price is the 3% drop in Open Interest (OI). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\"><span style=\"font-weight: 400;\">Coinglass <\/span><\/a><span style=\"font-weight: 400;\">data, OI has been on a steady drop from over $14 billion at the beginning of the month to the current $10 billion.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical indicators indicate a short-term bearish thesis around ETH.<\/p>\n","protected":false},"author":99,"featured_media":414696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-414693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum: Major crash coming? 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