Analyst Sees ETH Rejection At $1.7k, Is A Major Downfall Ahead?
Ethereum price is already staging a comeback against the bears, as the space witnesses of late. The most prominent altcoin appears to be recovering some of the values shed in May and June.
Amidst this patent recovery, an analyst sees a rejection at the $1,700, expecting an extensive consolidation below this value before an eventual breakout.
ETH’s rally in 2017 is a replica of last year’s
Top crypto trader Steve Courtney of the Crypto Crew University recently revealed his take on ETH. The analyst predicted a rejection at the $1,700 zone for ETH, taking historical data into consideration. He further highlighted an imminent protracted consolidation below $1,700 which is necessary to form a base for a rally.
In a chart provided, Courtney made his conclusions based on data picked up from patterns witnessed in 2017/18. As seen on the chart, the pattern appears to be a replica of ETH’s performance in the current period.
ETH’s rally began in March, 2017 when the asset traded around the $30-zone after breaking above its $10 support. Upon attempting to reach $400 in June, ETH saw a 60% correction back below $200. The community saw the same correction in July last year which brought ETH back under $2k.
The rejection around the $1,700 zone
In 2017, ETH bounced back, and continued in its upsurge until it closed the year at a value above $700. The rally spilled into 2018, and persisted till ETH hit a price over $1.3k, and then the rejection began.
ETH spent the most of 2018 shedding the gains amassed in late 2017—a pattern the community is currently witnessing in 2022. Courtney forecasts that ETH will face a similar rejection at a price around $1,700. Afterwards, the asset will consolidate below this mark for some time before hitting new highs. The consolation is necessary to establish a firm foundation for eventual takeoff.
Sentiments are an integral part of the markets, but Courtney believes they will have little effect on this pattern. This would mean that the hype from Ethereum Merge might not contribute much in changing this trend. He also noted macroeconomic conditions as inconsequential.
At the time of writing, ETH trades at a value of $1,685. With a decline of 1.93% in the past 24 hours, the bears appear to have stationed a resistance at $1,700. ETH has also shed off 1.23% of its value in the past week.
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